Mahindra Lifespace Developers, the real estate development arm of the Mahindra Group, has acquired a 9.4 acre land parcel in Bengaluru's Whitefield area to develop a mid-premium housing project. The project will have a development potential of 1.2 million square feet with an estimated gross development value of Rs. 1,700 crore. Mahindra Lifespaces plans to launch the first phase of the project within the next twelve months. This acquisition is in line with the company's plans to grow its development portfolio and achieve a five-fold increase in pre-sales over the next five years.
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Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has acquired a 9.4-acre land parcel in Bengaluru's eastern IT corridor. This land parcel 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. Previously, the company had mentioned that it plans to achieve an annual revenue of approximately Rs 500 crore from the industrial leasing business by 2025.
Mahindra World City, the integrated township vertical of the company, is expanding its residential portfolio in Chennai. The upcoming development will be plotted developments and also apartments, with about 20-30% more than the existing portfolio.
Mahindra Lifespace is looking to build a pipeline of projects with a development value of over INR 45,000 crore as part of its strategy to achieve five-fold growth in pre-sales in the next five years. The company is looking to focus on joint developments, housing society redevelopments, and the acquisition of land parcels on an outright basis to augment its gross development value (GDV) during this period in its focus markets of Mumbai, Pune, and Bengaluru.
Most of the targeted growth will come from the company's residential business, while the industrial segment will continue to be stable.
Mahindra also plans to be on the forefront in the redevelopment boom in Mumbai real estate. The company has secured rights to redevelop two housing societies in Mumbai in the last year, including INR 600- crore and INR 1,000- crore GDV projects in Santacruz and Malad suburbs, respectively.
In the planned development business, the company recently launched its second project in Chennai after selling out the first project in Chennai.
Mahindra Lifespaces' development footprint spans 35.06 million sq ft of completed, ongoing, and forthcoming residential projects across seven Indian cities. Its current portfolio includes 14.48 million square feet of space across 14 ongoing and five new projects. It also has over 5,000 acres of ongoing and forthcoming projects under development, management at its integrated developments and industrial clusters across four locations.
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