Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the Mahindra Group, today announced that it has purchased 4.25 acres of land in Singasandra, South Bengaluru. The land is estimated to have a developable potential of approximately 4.6 lakh square feet of saleable area and a Gross Development Value of approximately Rs 400 crore primarily comprising premium residential apartments.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "Bengaluru is a key growth market for our residential business, and we are happy to add this new project to our portfolio. This will be our third project in Bengaluru and comes on the back of the overwhelming response to the launch of Mahindra Eden, India's first Net Zero Energy residential project. This latest acquisition is aligned with our strategy of further strengthening our presence in India's IT capital and deepening our presence in key micro markets there."
The site is strategically located just off Hosur Road and offers access to well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity. In addition, the land is in close proximity to India's largest IT and Electronics hub - Electronics City - and approximately 25 minutes away from Koramangala.
Mahindra Lifespaces expects to launch the first phase of the project within the calendar year 2023.
Shares of Mahindra Lifespace Developers Limited was last trading in BSE at Rs. 362.00 as compared to the previous close of Rs. 360.80. The total number of shares traded during the day was 3393 in over 401 trades.
The stock hit an intraday high of Rs. 365.40 and intraday low of 359.15. The net turnover during the day was Rs. 1232326.00.