Mahindra Lifespace buys 11.5 acres in Pune.

Mahindra Lifespace Developers (MLDL) recently announced that it has purchased 11.5 acres of land in Pune’s satellite township Pimpri.

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 ₹1,700 crore, the Mumbai-based company informed.

Arvind Subramanian, Managing Director and CEO, Mahindra Lifespace Developers 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.”

The land buy-out comes on the heels of the acquisition of 3.26 acres that the company concluded in March. MLDL claims that the site is strategically located and offers well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity.

Located on the Old Mumbai-Pune highway, 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.

Mahindra Lifespaces expects to launch the first phase of the project within the next twelve months.

HBL