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Realty firm Mahindra Lifespace Developers Ltd has acquired around 9-acre land in Bengaluru for nearly ₹200 crore to develop a housing project.
The company has acquired Shreyas Stones Pvt Ltd (SSPL), which owns 8.79-acre land parcel in Bengaluru.
In a statement on Monday, Mahindra Lifespace Developers said it has "signed a Share Purchase Agreement (SPA) with SSPL, whereby the shareholders of SSPL have agreed to sell their entire stake (100 per cent of the equity shares)." The company will acquire 10,000 equity shares, having face value of ₹10 each, for ₹199 crore. ALSO READ: Mahindra Lifespaces to redevelop Mulund West project worth ₹1,250 crore
"This acquisition unlocks a premium development opportunity with an estimated Gross Development Value (GDV) of ₹1,100 crore," the company said.
Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers said, "This acquisition marks a key milestone in strengthening our presence in North Bengaluru, one of the city's most promising real estate corridors." With this parcel adjoining an existing land, he said the company now has an opportunity to create a unified, high-quality premium development with a combined GDV potential of approximately ₹2,100 crore.
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SSPL owns around 8.79 acres of land at Navaratna Agrahara Village in North Bengaluru.
Mahindra Lifespace has been acquiring land aggressively in the past few years to expand its business amid strong demand for residential properties.
The company's development footprint spans 47.56 million sq ft (saleable area) 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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