New Delhi: Realty firm Mahindra Lifespaces Developers Ltd on Thursday said it has acquired land in Bengaluru and a redevelopment project in Mumbai with a combined revenue potential of Rs 2,050 crore.
In a regulatory filing, the company informed about the "closure of two deals worth Rs 2,050 crore in gross development value (GDV)".
It said these strategic moves include securing a third redevelopment project in Mumbai and a prime land parcel in Bengaluru.
Mahindra Lifespaces has been selected as the preferred partner for the redevelopment of seven residential societies in the prestigious Borivali West, Mumbai neighbourhood.
The company recently acquired 2.37 acres of land in Singasandra, South Bengaluru. The land is estimated to have a developable potential of approximately 0.25 million square feet with a gross development value of approximately Rs 250 crore.
Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespaces Developers Limited, said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of Rs 2050 crore, are an important milestone in our growth trajectory. Our third redevelopment project in Mumbai Is." “With a GDV of Rs 1,800 crore, it reinforces our commitment towards urban renewal by creating value in established neighbourhoods.”
"Additionally, our Rs 250 crore GDV land acquisition in the Singasandra area of Bengaluru enables us to further capitalize on the city's strong real estate demand," he said.
Mahindra Lifespaces development footprint spans 37.33 million sq ft of completed, ongoing and upcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and upcoming projects under development/management in integrated development/industrial clusters at four locations.
In a regulatory filing, the company informed about the "closure of two deals worth Rs 2,050 crore in gross development value (GDV)".
It said these strategic moves include securing a third redevelopment project in Mumbai and a prime land parcel in Bengaluru.
Mahindra Lifespaces has been selected as the preferred partner for the redevelopment of seven residential societies in the prestigious Borivali West, Mumbai neighbourhood.
The company recently acquired 2.37 acres of land in Singasandra, South Bengaluru. The land is estimated to have a developable potential of approximately 0.25 million square feet with a gross development value of approximately Rs 250 crore.
Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespaces Developers Limited, said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of Rs 2050 crore, are an important milestone in our growth trajectory. Our third redevelopment project in Mumbai Is." “With a GDV of Rs 1,800 crore, it reinforces our commitment towards urban renewal by creating value in established neighbourhoods.”
"Additionally, our Rs 250 crore GDV land acquisition in the Singasandra area of Bengaluru enables us to further capitalize on the city's strong real estate demand," he said.
Mahindra Lifespaces development footprint spans 37.33 million sq ft of completed, ongoing and upcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and upcoming projects under development/management in integrated development/industrial clusters at four locations.
