Mahindra Lifespace Developers has finalised the terms to purchase approximately 3.2 acres of land in Pimpri, Pune, from Mahindra & Mahindra, the company said in a regulatory filing.
The purchase is expected to be concluded in around six months, subject to the fulfillment of agreed conditions by both buyer and seller.
The land parcel is located in the residential area of Nehru Nagar. This new project will offer approximately 3.25 lakh sq ft of carpet area.
This will be Mahindra Lifespaces' fourth residential project in the micro market.
Arvind Subramanian, managing director & CEO of the company said, "Pimpri-Chinchwad is a strategically located, thriving residential hub in Pune, and offers well-developed social and civic infrastructure and amenities. The proposed acquisition will help us grow our presence in this high performing micro-market and is in line with our residential expansion strategy.”
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