Mahindra Lifespaces signs agreement to acquire 7-acre land parcel in Pune

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the $20.7 billion Mahindra Group, today announced that as part of its pursuit to acquire land for business growth, the Company has executed an agreement to acquire approximately seven acres of land in Pune. The sale deed will be executed in due course. The Company plans to develop a mid-segment residential project with development potential of approximately 0.7 million square feet. The project falls within Pimpri Chinchwad Municipal Corporation jurisdiction.

The Company has, so far in this fiscal, tied up three (3) new projects with estimated development potential of 2.1 million square feet across Mumbai, Pune and Bangalore; and has a robust pipeline of land deals under negotiation.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.370 as compared to the previous close of Rs. 372.35. The total number of shares traded during the day was 1477 in over 53 trades.

The stock hit an intraday high of Rs. 372.3 and intraday low of 367. The net turnover during the day was Rs. 544841.

Source : Equity Bulls

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