Mahindra Lifespace Developers Ltd. said it had bought 11.5 acres of land in Pimpri micro market, Pune, for an unspecified amount.
The land is estimated to have a developable potential of approximately 2 million square feet of salable land and a gross development value of approximately 1,700 crore, the company said.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said: “Pimpri is one of Pune’s thriving centers with a growing demand for quality residential and commercial space.”
“This latest land acquisition will be our fifth venture into the micro market. It follows the acquisition of 3.26 acres that we completed in March 2022 and signals our intention to deepen our local presence,” he added.