Mahindra Lifespace Developers on Wednesday, March 27, said it has acquired 2 acre land at Whitefiled in east Bengaluru. The land has a developing potential of around 0.2 million square feet of saleable area and a gross development value of approximately ₹225 crore, which will mainly comprise mid-premium residential apartments.
The company's managing director and CEO Amit Kumar Sinha said the acquisition marks another significant step in the firm's strategy of expanding its footprint in key micro markets. "The city's strong market potential makes it a strategic choice for our continued growth," he said.
The location offers seamless connectivity to commercial offices and tech parks and social infrastructure including healthcare facilities, education institutes and retail options, the company said in a stock exchange filing. It added that the neighbourhood has premium residential communities, educational institutions, shopping malls and a plethora of entertainment venues.
Earlier this month as well, the company had acquired 9.4 acre land at Whitefield, Bengaluru. In a press statement, the company said the land will have 1.2 million square feet of FSI potential and a gross development value of ₹1,700 crore. It will primarily comrpise mid-premium residential apartments. acquired 9.4 acre land at Whitefield, Bengaluru.
Mahindra Lifespace Developers shares ended 2.84% higher at ₹569 apiece on Wednesday, March 27. The stock has gained 73.5% in the past year.
