Mahindra Lifespace Developers Ltd. Said that it has finalized the terms to acquire nearly 3.2 acres of land in Pimpri, Pune, from Mahindra & Mahindra for an undisclosed price.

Subject to the fulfillment of agreed conditions by the buyer and seller, the acquisition is likely to close in nearly six months.

The land parcel is said to be located strategically in the residential area of Nehru Nagar, said Mahindra Lifespace Developers. It is located approximately 1km away from the upcoming metro station opposite the office of the Pimpri-Chinchwad Municipal Corporation.

The new project will provide a carpet area of nearly 3.25 lakh sq. ft. When launched, it will be the fourth residential project of Mahindra Lifespace Developers in the micro market.

Mahindra Lifespace Developers’ last project in the market, which is Mahindra Centralis, is said to have been sold out at launch in 2019.

Arvind Subramanian — Managing Director and CEO of Mahindra Lifespace Developers said: “Pimpri-Chinchwad is a strategically located, thriving residential hub in Pune, and offers well-developed social and civic infrastructure and amenities. The proposed acquisition will help us grow our presence in this high performing micro-market and is in line with our residential expansion strategy.”

  Arvind Subramanian, Mahindra & Mahindra, Mahindra Lifespace Developers, Pune