Listed real estate developer Mahindra Lifespaces has acquired a 9.4-acre land parcel in Bengaluru's eastern IT corridor, according to a regulatory filing on March 13. The company said the land in Whitefield will have a development potential of 1.2 million sq ft of mid-premium apartments with a gross development value of Rs 1,700 crore.
Mahindra Lifespaces expects to launch the first phase of the project within the next twelve months.
"Bengaluru continues to remain a focus market for us, and we are excited to expand our footprint within the city. This aligns with our strategy to deepen our presence in India's thriving urban centres, particularly within our focus markets," Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd said.
Previously, the company told Moneycontrol that it plans to achieve an annual revenue of approximately Rs 500 crore from the industrial leasing business by 2025.
For World City, its integrated township vertical, the company is expanding its residential portfolio in Chennai. The upcoming development will be plotted developments and also apartments, with about 20-30 percent more than the existing portfolio.
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