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Mahindra Lifespaces strengthens its presence in Pune with successful launch of 'Centralis'

Posted On: 2019-03-07 14:50:34

Mahindra Lifespace Developers Limited ("Mahindra Lifespaces"), the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group, continues to maintain strong focus on Pune as a priority growth market for the Company in India. The Company's latest mid-segment residential project 'Centralis' has received a remarkable response in the early launch phase. The project is strategically located in the heart of Pimpri, spans 4.5 acres and comprises more than 400 1 BHK and 2 BHK apartments across four towers. Apartments in Centralis range from 37.5 sq.m. (416.89 sq.ft.) to 53.44 sq.m. (593.85 sq. ft.) of carpet area; and are priced ~Rs 47.56 (all inclusive) lakhs onwards. The project is registered with Maharashtra Real Estate Regulatory Authority ("MahaRERA")*.

Ms. Sangeeta Prasad, Managing Director and Chief Executive Officer, Mahindra Lifespace Developers Limited, said, "We are delighted with the extremely encouraging response to the launch of Centralis. Pune has always reposed its trust and faith in Mahindra Lifespaces. We remain committed to enhancing our presence in the city as part of our strategy to grow our business in leading end-user driven real estate markets across India."

Centralis is Mahindra Lifespaces' fifth residential project in Pune. The project is in close proximity to educational instiiutions; hotels and restaurants; and malls and cinema theatres, in keeping with the Company's approach of ensuring convenient accessibility to key social infrastructure across its residential projects. Centralis is well connected to the Mumbai-Pune Expressway; the PCMC Link Road; extensive bus services; Pimpri and Chinchwad railway stations; and the Pune airport. The proposed Pimpri Metro station is located half a kilometer away.

Amenities at Centralis have been thoughtfully designed keeping in mind the evolving needs of home buyers. They include a swimming pool and kids' pool; gym; multipurpose court; tennis court; jogging track; clubhouse; l
Mahindra Lifespaces is focused on the development of green homes that boost user health and well-being and promote Sustainable Urbanisation in India. Centralis has been designed in an L-shaped layout that enhances natural light and ventilation. Utilities' costs are reduced via energy-efficient walls and roofs; artificial lighting design; and solar hot water systems. Other features include low-VOC paints for improved indoor air quality; treated organic waste for landscaping; rainwater harvesting; and waste segregation at every level. Centralis is GRIHA (Green Rating for Integrated Habitat Assessment) pre-certified 4 Star and will offer benefits of relatively lower maintenance costs.

Mahindra Lifespaces has been present in Pune since 2007 and has completed more than 2.87 mn sq. ft of development. Previous projects such as 'Mahindra Royale' in Pimpri-Chinchwad, 'The Woods' in Wakad and 'L'Artista' in Sopanbaug have been successfully sold out. Another mega residential project, 'Antheia' in Pimpri, is nearing completion, with 1000 homes already handed over.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.378.9 as compared to the previous close of Rs. 376.5. The total number of shares traded during the day was 2566 in over 92 trades.

The stock hit an intraday high of Rs. 382.9 and intraday low of 377.35. The net turnover during the day was Rs. 975458.


Source: Equity Bulls

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