Mahindra Lifespace Developers acquires 8.2 acres of land in North Bengaluru, with a potential GDV of ₹1,000 crore. The project will cater to the rising demand for mid-premium residential apartments in the area.
The development will have a saleable area of approximately 0.9 million square feet, with a Gross Development Value (GDV) estimated at ₹1,000 crore, the company said in a press release on the stock exchange.
Targeting mid-premium residential apartments, the project will address the growing demand for quality housing in Bengaluru, particularly in the well-connected North Bengaluru area.
Amit Kumar Sinha, Managing Director & CEO, of Mahindra Lifespace Developers, highlighted the strategic location near the international airport, tech hubs, and key infrastructure.
The project is expected to launch in the next nine months. Mahindra Lifespace Developers Limited, through its subsidiary Anthurium Developers Ltd., has acquired the said land parcel in North Bengaluru.
Mahindra Lifespace has a strong presence in Bengaluru with six other ongoing projects, further solidifying its position in one of India’s fastest-growing real estate markets.
Earlier this month Mahindra Lifespace Developers Limited, through its material subsidiary Mahindra World City Developers Limited (MWCDL), completed the acquisition of Mahindra Industrial Park Chennai Limited (MIPCL).
The acquisition is part of an ongoing expansion of MIPCL’s industrial park in North Chennai, located along the NH-16 corridor under the “Origins by Mahindra World City” brand.
The acquisition is classified as a related party transaction and has received the necessary approvals from Mahindra Lifespace’s shareholders and the board, ensuring compliance with corporate governance standards.
MIPCL, a joint venture between MWCDL and Sumitomo Corporation (Japan), focuses on developing industrial clusters and real estate infrastructure in India.
Mahindra Lifespace Developers share price traded 1.27% lower at ₹395 at 2:20 PM on the NSE. The stock opened at ₹401.90 higher than ₹400.10 at the previous close.
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Published on: Jan 23, 2025, 2:24 PM IST
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