Mahindra Lifespace buys 11.5 acres land parcel in Pune

Mahindra Lifespace Developer on Monday announced that it has purchased 11.5 acres of land in Pimpri, Pune.

The land is estimated to have a developable potential of approximately two million square feet of saleable area and a gross development value of around Rs 1,700 crore. Mahindra Lifespace expects to launch the first phase of the project within the next twelve months

Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers said, Pimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces. This latest land acquisition will be our fifth project in the micro-market. It comes on the heels of the acquisition of 3.26 acres that we concluded in March 2022 and signals our intent to deepen our presence in the locality.

Mahindra Lifespace Developers, incorporated in 1999, it is engaged in the business of development of the real estate, residential facilities and commercial complexes.

The realtor reported consolidated net profit of Rs 24.86 crore in Q3 FY22 as against net loss of Rs 9.68 crore in Q3 FY21. Net sales dropped 62.6% to Rs 24.34 crore in Q3 FY22 over Q3 FY21.

Shares of Mahindra Lifespace Developers were trading 2.55% lower at Rs 372.60 on BSE.

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