Mahindra Lifespaces, part of the Mahindra Group, has bought a piece of land in Whitefield, Bengaluru. This land is about 9.4 acres big. The company says this land has the potential to build around 1.2 million square feet of buildings. This could be worth about ₹1700 crore when fully developed. The main focus will be on building residential apartments that are of good quality but not too expensive.
Mahindra Lifespaces plans to start the first phase of building within the next year. This means they'll begin working on the project soon.
Amit Kumar Sinha, who is the Managing Director and CEO of Mahindra Lifespace Developers Ltd., said, "We are focusing on Bengaluru as it's an important market for us. We are happy to expand our presence here. Our goal is to be in key cities of India where there is a lot of growth."
The land they bought is in Whitefield, which is a prime location. It's close to technology parks, offices, and has good schools, hospitals, and shops nearby. There's also a metro station nearby, making it easy to travel to other parts of Bengaluru.
In simpler words, Mahindra Lifespaces bought some land in Bengaluru to build houses and they think it's a good place to invest because Bengaluru is growing fast.
