NEW DELHI: Realty firm Mahindra Lifespace Developers Ltd on Thursday said it has acquired 7.89 acres of land to develop a residential project in Bengaluru. The project will offer about 5 lakh sq ft of carpet area.
The launch of the project is planned for FY 2022, the company said in a regulatory filing.
It did not disclose the deal value and the name of the seller.
“Bengaluru is one of the most stable residential real estate markets in India and a priority city for the growth of our residential business.
“Our latest land acquisition in the city is in line with our strategy of deepening our presence in well-established, end-user driven markets with a track record of quick absorption and consistent demand for high-quality residences by trusted brands,” Mahindra Lifespace Developers Managing Director and Chief Executive Officer Arvind Subramanian said.
Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the USD 19.4 billion Mahindra Group.
The company’s development footprint spans 25.1 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
Source: Press Trust of India