Realty firm Mahindra Lifespace Developers Ltd on Monday said it has acquired 11.5 acres of land in Pune to develop a residential project, which is projected to generate sales value of Rs 1,700 crore. The land has been acquired in the developing micro market of Pimpri in 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 Rs 1,700 crore," it said in a regulatory filing.
Pimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces, Arvind Subramanian, Managing Director & CEO of Mahindra Lifespace Developers Ltd, said.
"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," he said.
Mahindra Lifespace expects to launch the first phase of the project within the next 12 months.
Established in 1994, Mahindra Lifespace's development footprint spans 28.2 million square feet of completed, ongoing and forthcoming residential projects across 7 Indian cities. It has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across 4 locations.
Last week, Mahindra Lifespace, the realty arm of Mahindra Group, announced an investment of Rs 500 crore to develop the country's first net-zero energy housing project, comprising around 550 units, in Bengaluru. The company expects a revenue of Rs 600-650 crore from this project.
The company had also announced that it will develop only net-zero housing projects from 2030 onwards.