Mahindra Lifespaces acquires land parcel in Kalyan.

Mahindra Lifespace Developers after market hours recently announced the addition of a new residential project in Kalyan.

The company has entered into an agreement for sale for 10.3 acres. This new project will offer approximately 7 lakh sq. ft. of carpet area and is expected to be launched in FY 2022.

Kalyan is a well-developed, end user-driven residential hub in Mumbai Metropolitan Area (MMR). This is Mahindra Lifespaces' second residential development in Kalyan after 'Happinest Kalyan', one of the fastest-selling value housing projects in the micromarket in 2019-20.

Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers, said, the company's latest land acquisition in Kalyan is aligned to its strategy of strengthening presence in high-performing markets.

Shares of Mahindra Lifespace Developers rose 1.58% to settle at Rs. 541.70 yesterday.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19.4 billion Mahindra Group, and a pioneer of sustainable urbanisation in India.

BS