Mahindra Lifespace Developers Acquires Bengaluru Land for Rs. 1,700 Crore Housing Project
Mahindra Lifespace Developers Ltd., a prominent real estate firm, announced on Tuesday the acquisition of 9.4 acres of land in Bengaluru. The company plans to develop a residential complex on this site, with a projected gross development value of approximately Rs. 1,700 crore.
The Mahindra Group, a substantial business conglomerate to which Mahindra Lifespace Developers belongs, disclosed through a regulatory filing that the acquired land is located in Whitefield, Bengaluru. This prime location will be utilized for the construction of mid-premium residential apartments. It further elaborates that it possesses a potential floor space index (FSI) of roughly 1.2 million (12 lakh) square feet.
Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers, emphasized the strategic importance of Bengaluru for the organization. "Bengaluru remains a key focus market for Mahindra Lifespace Developers, and the company is committed to further strengthening its presence in the city," he affirmed. The move aligns with the firm's larger strategy of expanding holdings in important, high-growth Indian cities, particularly those integral to ongoing operations. Acknowledging the discerning nature of homebuyers in the Bengaluru market, Sinha added, “The company recognizes and caters to Bengaluru’s dynamic home buyer demands with high-quality projects”. He also emphasized how they remain committed to "delivering exceptional projects that address the ever-evolving needs of discerning home buyers" in the Bengaluru real estate arena.
Mahindra Lifespaces aims to initiate the project’s first phase within the next year. With a development footprint encompassing seven major Indian cities, the company boasts a varied portfolio of 35.06 million square feet encompassing completed, ongoing, and upcoming residential projects. In addition to residential development, the company also manages and develops over 5,000 acres across its four integrated developments and industrial clusters present all over the country, indicating the diversity and scale of its operations.