Mahindra Lifespace to buy 3.2 acre land in Pune for expansion plans

Mahindra Lifespace Developers has agreed to buy 3.2 acre land in Pune from parent company Mahindra & Mahindra as part of its expansion plan.

The company said it has "finalised the terms to purchase approximately 3.2 acres of land in Pimpri, Pune, from Mahindra & Mahindra Ltd".

The purchase is expected to be concluded in around six months, subject to the fulfillment of agreed conditions by both buyer and seller.

This new project will offer about 3.25 lakh sq ft of carpet area.

When it is launched, this will be Mahindra Lifespaces' fourth project in Pune.

Arvind Subramanian, managing director & CEO of Mahindra Lifespace Developers Ltd, said, "The proposed acquisition will help us grow our presence in this high-performing micro-market and is in line with our residential expansion strategy."

Established in 1994, Mahindra Lifespace Developers Ltd is the real estate and infrastructure development business of the USD 19.4-billion Mahindra Group.

The company's development footprint spans25.7million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities.

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