Mahindra Lifespace Buys Land for Rs 1,000 Crore Bengaluru Project

New Delhi, Jan 23 (PTI) Realty firm Mahindra Lifespace Developers Ltd has acquired 8.2-acre land in Bengaluru to develop a housing project worth Rs 1,000 crore.

In a regulatory filing on Thursday, the company informed that its subsidiary Anthurium Developers Ltd has acquired around 8.2-acre of land in North Bengaluru.

Mahindra Lifespace did not disclose the deal value and the name of the seller.

"The land has a developable potential of approximately 0.9 million (9 lakh) square feet of saleable area and a projected Gross Development Value (GDV) of almost Rs 1,000 crore," the company said.

The project will primarily feature mid-premium residential apartments.


Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd, said, "Bengaluru is a strategic market for us, and this will be our seventh project in the city."

"Given the proximity to the international airport and major tech parks, we believe North Bengaluru will be an important micro-market with strong demand for well-planned, high-quality homes," he added.

Mahindra Lifespace plans to launch the project within the next nine months.

The company's development footprint spans 38.49 million (384.9 lakh) sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities.

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