Realty firm Mahindra Lifespace Developers Ltd. has announced the acquisition of 4.25 acres of land in the Singasandra area of South Bengaluru.
The real estate and infrastructure development arm of the Mahindra Group expanded its third project in Bengaluru, by purchasing the land parcel in a strategically located site just off Hosur Road, which is estimated to have a development potential of nearly 4.6 lakh square feet.
The purchased land’s Gross Development Value (GDV) stands at approximately Rs 400 crore, which will majorly comprise premium residential apartments.
The latest land acquisition in Bengaluru falls in line with the company’s strategy of bolstering its presence in the IT hub of the country.
The new site gives Mahindra Lifespaces the advantage of access to well-developed social infrastructure with proximity to healthcare facilities, educational institutions, and retail markets.
The site is close to Electronics City, which is India’s largest IT and electronics hub, while being a 25-minute drive from Koramangala. The company looks forward to launching the first phase of this project before the end of the current financial year.
In November 2022, the real estate major launched a residential project named Mahindra Citadel Phase 1 in Pimpri Chinchwad, near Pune.
Shares of Mahindra Lifespaces ended 0.8 percent lower at Rs 359.1 apiece on the BSE on Friday.
