Mahindra Lifespaces acquires 11.5 acres land parcel in Pimpri, Pune

19 Apr 2022 , 09:16 AM

Mahindra Lifespace Developers Ltd. on Monday announced that it has purchased 11.5 acres of land in the rapidly developing micro market of Pimpri, Pune. The land is estimated to have a developable potential of approximately 2 million square feet of saleable area and a Gross Development Value of around Rs1,700 crore.

Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “Pimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces. This latest land acquisition will be our fifth project in the micro-market. It comes on the heels of the acquisition of 3.26 acres that we concluded in March 2022 and signals our intent to deepen our presence in the locality.”

The site is strategically located and offers well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity. This project is close to the existing residential projects of Mahindra Lifespaces — Mahindra Royale, Mahindra Antheia and Mahindra Centralis — all of which are fully sold.

Located on the Old Mumbai-Pune highway, the project site is close to established transport infrastructure for superior rail and road connectivity i.e., National Highways (Old Mumbai-Pune Highway and NH 60 – Pune-Dhule-Nasik), Railway Station (Kasarwadi and Pimpri), Bus Stop (Pimpri Chowk) and Metro Station (Sant Tukaram Nagar). Mahindra Lifespaces expects to launch the first phase of the project within the next twelve months.

On Tuesday early morning trade, Mahindra Lifespace Developers was trading at Rs372.20 per piece lower by 2.65% on the BSE.