Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, has acquired land of approximately 4.25 acres situated at Village Singasandra, Off Hosur Road, Bengaluru, the company said in a BSE filing.
This land has residential development potential of approximately 4.6 lakh sq ft and a gross development value of approximately Rs 400 crore primarily comprising of premium residential apartments.
It expects to launch the first phase of the project within the calendar year 2023.
The company recently completed the acquisition of freehold land admeasuring approximately 9.24 acres situated in Village Akurli, Kandivali East, Mumbai from Mahindra and Mahindra (M&M), promoter of the company.
Total consideration for the transaction is Rs 365 crore to be paid in tranches and interest of 7% per annum payable during the interim period of payment of unpaid principal balance from the sale date.