Mahindra Lifespace inks Rs 650-cr land deal

Peninsula Land on Thursday acquired a five-acre property from Great Eastern Mill Spinning & Weaving company limited and Mahindra Lifespace Developers Ltd for about Rs 650 crore.

Cushman & Wakefield's capital market group provided transaction advisory for this sale. The land is located in Byculla in Mumbai.

Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield said, "This sale of land has to be seen as a positive outlook towards Mumbai's potential in the next 5- 10 years. This is an indication that the city's economic fundamentals and attractiveness are high, with investors making provision for the future development. This sale is particularly reassuring for a market which is considers cash strapped that should there be an opportunity to make the right kind of investment, the serious players would be coming forward with an appropriate offer."

Mahindra Lifespace reported a steep 63 per cent fall in its consolidated net at Rs 30.3 crore for the March quarter mainly due to poor sales, as income fell 48 per cent to Rs 189.4 crore