Mahindra Lifespace Developers to acquire 3.2 acres land in Pimpri, Pune

Mahindra Lifespace Developers, an Indian residential property developer, said that it has finalized the terms to acquire nearly 3.2 acres of land in Pimpri, Pune, from its parent organization Mahindra & Mahindra.

The acquisition is anticipated to close in approximately six months and will be contingent on the meeting of agreed conditions by both buyer and seller.

According to Mahindra Lifespace Developers, the land parcel is located strategically in the Nehru Nagar residential area. Its location is nearly 1km away from a future metro station opposite the Pimpri-Chinchwad Municipal Corporation office.

The residential property developer said that the new project will offer around 3.25 lakh sq. ft. of carpet area. When launched, it will be the fourth residential project for Mahindra Lifespace Developers in the micro market.

Mahindra Lifespace Developers to acquire 3.2 acres land in Pimpri, Pune

The company’s last project in that market – Mahindra Centralis is said to have been sold out at launch, a couple of years ago.

Arvind Subramanian – Managing Director and CEO – 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.”

Last month, Mahindra Lifespace Developers added a new residential project in the Kalyan residential hub in Mumbai Metropolitan Area (MMR) by signing an agreement to acquire a land parcel of 10.3 acres.