Mahindra Lifespace Developers has entered into an agreement to acquire around 9.24 acres of land in Mumbai’s western suburb Kandivali from Mahindra & Mahindra for real estate development.
The proposed project will offer around 1 million sq ft of carpet area and is expected to be launched in the next financial year.
“We are delighted to get this opportunity to monetise an unused land parcel, which is less than 10% of our entire land in Kandivali and will not have any impact on the operations of the company as no operations of the auto and farm sectors are carried out on the land being sold,” said Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra.
The new project to be developed on this land parcel is Mahindra Lifespace Developers’ second residential development in Kandivali after its earlier project Mahindra Roots here.
“This latest land acquisition will help us grow our presence in this high-performing micro-market and is in line with our expansion strategy in Mumbai,” said Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers.
The land parcel is located in an established residential area of Akurli Road in Kandivali East.
The closing of the transaction, which has been approved by the respective boards of Mahindra & Mahindra and Mahindra Lifespace Developers, is subject to related-party approval from shareholders of Mahindra Lifespace Developers and other statutory approvals.
Established in 1994, Mahindra Lifespace Developers’ portfolio includes 28.2 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters across four locations.
The company undertakes development of premium residential projects; value homes under the ‘Mahindra Happinest’ brand; and integrated cities and industrial clusters under the Mahindra World City and ‘Origins by Mahindra’ brands, respectively.
The proposed project will offer around 1 million sq ft of carpet area and is expected to be launched in the next financial year.
“We are delighted to get this opportunity to monetise an unused land parcel, which is less than 10% of our entire land in Kandivali and will not have any impact on the operations of the company as no operations of the auto and farm sectors are carried out on the land being sold,” said Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra.
The new project to be developed on this land parcel is Mahindra Lifespace Developers’ second residential development in Kandivali after its earlier project Mahindra Roots here.
“This latest land acquisition will help us grow our presence in this high-performing micro-market and is in line with our expansion strategy in Mumbai,” said Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers.
The land parcel is located in an established residential area of Akurli Road in Kandivali East.
The closing of the transaction, which has been approved by the respective boards of Mahindra & Mahindra and Mahindra Lifespace Developers, is subject to related-party approval from shareholders of Mahindra Lifespace Developers and other statutory approvals.
Established in 1994, Mahindra Lifespace Developers’ portfolio includes 28.2 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters across four locations.
The company undertakes development of premium residential projects; value homes under the ‘Mahindra Happinest’ brand; and integrated cities and industrial clusters under the Mahindra World City and ‘Origins by Mahindra’ brands, respectively.
Read More News on
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.