Mahindra Lifespaces, a prominent real estate developer, has recently completed the acquisition of a 9.4-acre land parcel located in the eastern IT corridor of Bengaluru. This significant acquisition, as disclosed in a regulatory filing on March 13, marks a strategic move for the company.
The prime location in Whitefield holds immense development potential, estimated at 1.2 million square feet, primarily earmarked for mid-premium apartments. The anticipated gross development value of this venture is estimated at Rs 1,700 crore. Mahindra Lifespaces is poised to kickstart the project's first phase within the coming twelve months.
Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd, expressed enthusiasm regarding the expansion, stating, "Bengaluru continues to remain a focus market for us, and we are excited to expand our footprint within the city. This aligns with our strategy to deepen our presence in India's thriving urban centers, particularly within our focus markets."
In a previous statement to Moneycontrol, the company outlined its ambition to achieve an annual revenue of approximately Rs 500 crore from its industrial leasing business by 2025. This strategic acquisition in Bengaluru further solidifies Mahindra Lifespaces' commitment to its growth trajectory and market expansion plans.
