The real estate developer said that it has purchased 4.25 acres of land in Singasandra, South Bengaluru.
Mahindra Lifespace Developers further stated that the land is estimated to have a developable potential of approximately 4.6 lakh square feet of saleable area and a gross development value of approximately Rs 400 crore primarily comprising premium residential apartments.
The site is strategically located just off Hosur Road and offers access to well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity. In addition, the land is in close proximity to India's largest IT and Electronics hub - Electronics City - and approximately 25 minutes away from Koramangala.
Mahindra Lifespaces expects to launch the first phase of the project within the calendar year 2023.
Arvind Subramanian, managing director & CEO, Mahindra Lifespace Developers, said, Bengaluru is a key growth market for our residential business, and we are happy to add this new project to our portfolio.
This will be our third project in Bengaluru and comes on the back of the overwhelming response to the launch of Mahindra Eden, India's first Net Zero Energy residential project.
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This latest acquisition is aligned with our strategy of further strengthening our presence in India's IT capital and deepening our presence in key micro markets there.
Mahindra Lifespace Developers is engaged in the development of residential projects and large formats developments such as integrated cities and industrial clusters.
On consolidated basis, the company reported net loss of Rs 7.74 crore in Q2 FY23 as compared to net profit of Rs 6.52 crore in Q2 FY22. Revenue from operations grew 17.8% to Rs 69.79 crore in Q2 FY23 over Q2 FY22.
The scrip lost 0.80% to end at Rs 359.10 on the BSE today.
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