Mahindra Lifespace Acquires 13.46-Acre Land in Pune for Rs 3,500 Crore Housing Project

Realty firm Mahindra Lifespace Developers Ltd has acquired a 13.46-acre land in Pune to develop a housing project worth Rs 3,500 crore. This strategic move underscores the company's commitment to expanding its real estate portfolio in one of India's fastest-growing cities.

In a regulatory filing late Friday, the company informed that it has acquired the land in the premier neighbourhood of Nande-Mahalunge in Pune. Mahindra Lifespace, a part of the Mahindra Group, did not disclose the name of the seller or the deal value. The land is estimated to yield a development potential of about Rs 3,500 crore, which is a significant investment in the Pune real estate market.

On Friday, the company also announced plans to redevelop four housing societies at Malad (West) in Mumbai. The company is expecting a revenue of Rs 800 crore from the sale of free area in these four societies. Spread across about 1.65 acres, the project offers a development potential of Rs 800 crore, further solidifying Mahindra Lifespace's presence in the Mumbai real estate market.

Mahindra Lifespace's development footprint spans 49.26 million square feet (saleable area) of completed, ongoing, and forthcoming residential projects across seven Indian cities. The company has over 5,000 acres of ongoing and forthcoming projects under development or management at its integrated developments and industrial clusters across four locations.

This acquisition in Pune is a strategic move to tap into the growing demand for residential properties in the city. Pune has been witnessing significant economic growth, driven by a robust IT and manufacturing sector, making it an attractive destination for real estate investments. Mahindra Lifespace's project in Nande-Mahalunge is expected to cater to a wide range of homebuyers, from first-time buyers to upscale families looking for high-quality living spaces.

The company's focus on sustainable and smart living solutions is also a key differentiator in the competitive real estate market. Mahindra Lifespace is committed to integrating green building practices and modern amenities to create communities that offer a high quality of life. This commitment to sustainability aligns with the growing consumer preference for eco-friendly and technologically advanced homes.

With this acquisition, Mahindra Lifespace reinforces its position as a leading real estate developer in India, poised to capitalize on the burgeoning demand for residential properties in key cities like Pune and Mumbai.