Mahindra Lifespace planning housing project in Pune; acquires land

Mahindra group's realty firm Mahindra Lifespace Developers Thursday said it has acquired 7-acre land in Pune to develop a mid-segment housing project. The company did not share the value of the deal. "As part of its pursuit to acquire land for business growth, the company has executed an agreement to acquire approximately seven acres of land in Pune. The sale deed will be executed in due course," Mahindra Lifespace said in a statement.

The company plans to develop a mid-segment residential project with development potential of about 0.7 million square feet. The project falls within Pimpri Chinchwad Municipal Corporation jurisdiction.

It has, so far in this fiscal, tied up three new projects with estimated development potential of 2.1 million square feet across Mumbai, Pune and Bangalore and has a robust pipeline of land deals under negotiation. Established in 1994, Mahindra Lifespace Developers Ltd is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group.

The company's development footprint spans 24.5 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

(With inputs from agencies.)