Ashiana Housing on October 18 announced that it has purchased 2.26 acres of land on perpetual basis from Mahindra Lifespaces within the township of Mahindra World City at Chennai in Tamil Nadu.
In a stock exchange filing, the real estate firm said that the land had been purchased to build a senior living project. The total size of the plot now stands at 17.90 acres, the filing noted.
Ashiana Housing Limited's shares opened at R 162.90 apiece and touched an intraday high of Rs 165.00 on the BSE today.
Mahindra Lifespaces' stock opened at 411.05 and touched an intraday high of 427.45 on the BSE today.
Earlier this year Mumbai-based Mahindra Lifespace Developers Ltd, part of Mahindra Group, entered into a joint venture with private equity firm Actis for developing industrial and logistics real estate facilities across India.
Actis will own a majority stake and Mahindra Lifespaces will have a significant minority with total investment over the initial years including debt to be Rs 2,200 crore.
The joint venture platform will acquire and develop the land spread across 100 acres in two Mahindra World Cities along with other greenfield and brownfield sites across the country.
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