The real estate and infrastructure development arm of the Mahindra Group, Mahindra Lifespaces, has purchased 4.25 acres of land in Singasandra, South Bengaluru. The land will have a potential development of 4.6 lakh square feet generating a revenue of about Rs 400 crore.
The company expects to launch the first phase of the project within the calendar year 2023.
Arvind Subramanian, Managing Director & CEO of Mahindra Lifespace Developers, said, "This will be our third project in Bengaluru. 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 development footprint of the company sprawls 32.14 million square feet of completed, current, and upcoming residential projects across seven Indian cities.
The company also has about 5,000 acres of ongoing and upcoming projects under development and management across four locations within its integrated developments or industrial clusters.
Mahindra Lifespace Developers is aiming for a 2.5-fold increase in annual sales bookings to Rs 2,500 crore in the next three years, up from Rs 1,028 crore in the previous fiscal year.
Additionally, to expand its housing portfolio, Mahindra Lifespace is looking to buy land parcels outright or develop partnerships with landowners to produce sales worth up to Rs 4,000 crore.
Previously, the company was also one of the players to redevelop Basant Park in Mumbai.