"Mahindra Lifespaces Purchases 9.4 Acres of Land in Bengaluru for Housing Development"

Realty giant Mahindra Lifespace Developers Ltd revealed on Tuesday its acquisition of 9.4 acres of prime land in Bengaluru, signaling plans for a housing project expected to generate revenue of approximately ₹1,700 crore.

The acquisition, disclosed in a regulatory filing, underscores the company's expansion strategy within one of India's bustling urban hubs. Located at Whitefield in Bengaluru, the newly acquired land boasts a potential Floor Space Index (FSI) of around 1.2 million square feet, translating to a gross development value of about ₹1,700 crore. The project will predominantly feature mid-premium residential apartments.

Commenting on the development, Mahindra Lifespace Developers' Managing Director & CEO, Amit Kumar Sinha, expressed enthusiasm about the company's continued focus on Bengaluru as a key market. He emphasized the strategic significance of deepening their presence in India's thriving urban centers, particularly within their focus markets.

Sinha affirmed the company's commitment to delivering high-quality projects that resonate with Bengaluru's discerning home buyers, citing their demonstrated appreciation for such offerings.

Anticipating swift progress, Mahindra Lifespaces aims to launch the first phase of the project within the next twelve months.

The company boasts a substantial development footprint, with completed, ongoing, and forthcoming residential projects spanning 35.06 million square feet across seven major Indian cities. Additionally, it manages over 5,000 acres of ongoing and upcoming projects at integrated developments and industrial clusters across four locations.

HBL