Realty firm Mahindra Lifespace Developers Ltd on Friday said it has acquired 4.25 acre land in Bengaluru to develop a housing project and is expecting revenue of around Rs 400 crore from this property.
The company expects to launch the first phase of the project within the calendar year 2023.
In a regulatory filing, Mahindra Lifesapce, the real estate and infrastructure development arm of the Mahindra Group, informed that it has purchased 4.25 acres of land in Singasandra, South Bengaluru.
The land is estimated to have a developable potential of around 4.6 lakh square feet of saleable area and a Gross Development Value (GDV) of about Rs 400 crore primarily comprising of premium residential apartments, it added.
Arvind Subramanian, Managing Director & CEO of Mahindra Lifespace Developers, said, "Bengaluru is a key growth market for our residential business, and we are happy to add this new project to our portfolio."
"This will be our third project in Bengaluru...This latest acquisition is aligned with our strategy of further strengthening our presence in India's IT capital and deepening our presence in key micro markets there," Subramanian said.
The company's development footprint spans 32.14 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.
In the residential business front, Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to Rs 2,500 crore in the next three years from Rs 1,028 crore in the last financial year.
The company has clocked an over two-fold jump in sale bookings at Rs 1,001 crore for April-September 2022-23 from Rs 449 crore in the year-ago period.
To grow housing business, Mahindra Lifespace is looking to acquire land parcels -- through outright purchases as well as forming partnerships with landowners -- that can generate sales worth up to Rs 4,000 crore.
In an interview with PTI in September last year, Subramanian had said that the company was actively looking at society redevelopment projects in Mumbai and hoped to add at couple of such projects this fiscal.
Mahindra Lifespace Developers Ltd is also keen on doing build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.
However, the company has no plans to buy land and develop office complexes and shopping malls. Its mixed use development projects may have a little bit of commercial spaces.