Mahindra Lifespace Developers Ltd. recently announced that it will purchase approximately 9.24 acres of land in Kandivali from Mahindra & Mahindra Ltd. for real estate development. This new project is Mahindra Lifespaces' second residential development in Kandivali after its successful 'Mahindra Roots' project and will offer approximately 1 million sq. ft. of carpet area. The project is expected to be launched in FY 2023.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "Kandivali East is a strategically located, thriving residential hub in Mumbai, and offers well-developed social and civic infrastructure and amenities. This latest land acquisition will help us grow our presence in this high-performing micro-market and is in line with our expansion strategy in Mumbai."
Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra Ltd., said, "We are delighted to get this opportunity to monetise an unused land parcel, which is less than 10% of our entire land in Kandivali and will not have any impact on the operations of the Company as no operations of the Auto and Farm Sectors are carried out on the land being sold."
The land parcel lies in the well-developed residential area of Akurli Road in Kandivali East. This neighbourhood is home to reputed schools and malls. The Western Express Highway, the nearest metro station and Kandivali railway station are all located within a 4 KM radius of the project. Kandivali East enjoys convenient connectivity to employment hubs in Mira Road, Malad, Goregaon, Jogeshwari and Andheri.
The closing of the transaction, which has been approved by the Boards of Mahindra & Mahindra Ltd. and Mahindra Lifespace Developers Ltd., is subject to related-party approval from shareholders of Mahindra Lifespace Developers Ltd and other statutory approvals.
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