Mahindra Lifespace acquires 4.25 acres of land parcel in Bangalore
The real estate and infrastructure development arm of the Mahindra Group, Mahindra Lifespace, has acquired 4.25 acres of land parcel in Singasandra, South Bengaluru. This is the company’s third project in the city and it expects to launch the first phase of the project within the calendar year 2023.
The land is estimated to have a developable potential of approximately 4.6 lakh square feet of saleable area and a Gross Development Value of approximately Rs 400 crore, primarily comprising premium residential apartments, the company said in a release.
“Bengaluru is a key growth market for our residential business, and we are happy to add this new project to our portfolio. This will be our third project in Bengaluru and comes on the back of the overwhelming response to the launch of Mahindra Eden, net zero energy residential project”, said Arvind Subramanian, MD & CEO, Mahindra Lifespace Developers.
According to him, the latest acquisition is aligned with the firm’s strategy of further strengthening its presence in India’s IT capital. It is also focussing to deepen its presence in key micro markets there.
The project is located just off Hosur Road and offers access to well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity.
In addition, the land is in close proximity to India’s largest IT and Electronics hub – Electronic City.
The Company’s development footprint spans 32.14 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities and over 5000 acres of ongoing and forthcoming projects under development/management at its integrated developments / industrial clusters across various locations.
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