Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the Mahindra Group, on Friday announced that it has acquired 7.89 acres of land to develop a residential project in Kanakpura Road, Bengaluru.
The project is expected to offer about 5 lakh square feet of carpet area, and the project launch is planned for the financial year 2022.
Kanakpura Road is a prominent residential hub with relatively greener areas. Mahindra Lifespaces’ project site is strategically located with well-developed social infrastructure, schools and colleges, recreation and entertainment options, hospitals and clinics located in proximity, said the company release.
The Vajarahalli Metro Station is only one kilometre from the project site, while the NICE road junction is 3 km away. Kanakpura Road is well connected to Bannerghatta, Silk Board and Electronic City, all key employment hubs in Bengaluru.
Arvind Subramanian, Managing Director and Chief Executive Officer, Mahindra Lifespace Developers Ltd, said, “Bengaluru is one of the most stable residential real estate markets in India and a priority city for the growth of our residential business. Our latest land acquisition in the city is in line with our strategy of deepening our presence in well-established, end-user driven markets with a track record of quick absorption and consistent demand for high-quality residences by trusted brands.”
Mahindra Lifespaces’ residential project ‘Windchimes’ on Bannerghatta Road has been completed and nearly sold out, with 365 homes already handed over.