Mahindra Lifespace Buys Land in Pune for Housing Project

New Delhi, Oct 11 (PTI) Realty firm Mahindra Lifespace Developers Ltd has acquired a 13.46-acre land in Pune to develop a housing project worth Rs 3,500 crore.

In a regulatory filing late Friday, the company informed that it has acquired the land "in the premier neighbourhood of Nande-Mahalunge in Pune."

Mahindra Lifespace, a part of Mahindra Group, did not disclose the name of the seller and also the deal value. The land is estimated to yield a development potential of about Rs 3,500 crore, it said.

On Friday, the company also announced that it will redevelop four housing societies at Malad (West) in Mumbai. The company is expecting a revenue of Rs 800 crore from the sale of free area in these four societies.

"Spread across about 1.65 acre, the project offers a development potential of Rs 800 crore," it said.

Mahindra Lifespace's development footprint spans 49.26 million square feet (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities.

It has over 5,000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.