Mahindra Lifespace Developers Ltd. today 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 ₹ 1,700 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, bhealthcare 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 – PuneDhule-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.
Shares of Mahindra Lifespaces® Ltd was last traded in BSE at ₹382.35 as compared to the previous close of ₹376.40. The total number of shares traded during the day was 16431 in over 1511 trades.
The stock last hit in BSE,
- Intraday High of ₹ 387.00
- Intraday low of ₹ 376.25