New Delhi: Realty firm Mahindra Lifespace Developers Ltd on Tuesday said it has acquired 9.4 acres of land in Bengaluru to develop a housing project with an estimated revenue of around Rs 1,700 crore.
In a regulatory filing, the company, which is part of business conglomerate Mahindra Group, informed that has bought 9.4 acres of land at Whitefield in Bengaluru.
The land will have around 1.2 million (12 lakh) square feet of FSI potential and a gross development value of about Rs 1,700 crore, primarily comprising mid-premium residential apartments, it added.
Mahindra Lifespace Developers Managing Director & CEO Amit Kumar Sinha said, "Bengaluru continues to remain a focus market for us, and we are excited to expand our footprint within the city. This aligns with our strategy to deepen our presence in India's thriving urban centres, particularly within our focus markets".
He said the company is committed to delivering top-notch projects that resonate with the dynamic demands of Bengaluru's home buyers, who have demonstrated their willingness to appreciate and buy high-quality projects.
Mahindra Lifespaces expects to launch the first phase of the project within the next twelve months.
The company’s development footprint spans 35.06 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
Published 12 March 2024, 10:20 IST