Mahindra Lifespace acquires over 9 acres of land in Mumbai for Rs 365 crore

Realty firm Mahindra Lifespace Developers Ltd has completed the acquisition of a 9.24-acre land parcel in Mumbai from Mahindra & Mahindra Ltd for Rs 365 crore.

In February this year, Mahindra Lifespace had announced that it would purchase the land in Kandivali, Mumbai from Mahindra & Mahindra Ltd for the development of a housing project.

Mahindra & Mahindra is the promoter and holding company of Mahindra Lifespace Developers.

The aggregate consideration for this land deal is Rs 365 crore (subject to actual land area survey, deduction of TDS and applicable taxes), to be paid in tranches and interest of 7 per cent per annum payable during the interim period of payment on unpaid principal balance from the sale date.

The transaction is at arm's length, it had said.

In a regulatory filing on Thursday, Mahindra Lifespace said the "company and M&M Ltd, on Thursday have consummated the said transaction by executing a deed of conveyance for the said property."

Mumbai-based Mahindra Lifespace, which is the real estate arm of the Mahindra Group, is one of the leading real estate firms of the country. It has 32.14 million square feet of completed, ongoing and forthcoming residential projects across seven cities.

The company also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated industrial parks across four locations.