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Mahindra Lifespace Developers has acquired a 15-acre land parcel in Kandivali East, Mumbai, through a competitive bidding process to develop a residential project with an estimated revenue potential of INR 5,600 crore. The proposed development is expected to have a total development potential of around 1.8 million sq ft. While the company did not disclose the acquisition cost, the transaction marks another addition to its Mumbai development pipeline. The acquisition aligns with Mahindra Lifespaces' strategy of expanding its residential portfolio across key urban markets. The company currently has a development footprint of 53.65 million sq ft across completed, ongoing and upcoming residential projects in seven cities and manages more than 5,000 acres of integrated developments and industrial clusters.
Mahindra Lifespace Developers has acquired a 15-acre land parcel in Kandivali East, Mumbai, for the development of a large-scale residential project with an estimated revenue potential of INR 5,600 crore, according to a regulatory filing made by the company.
The acquisition was announced on June 19 and forms part of the company's ongoing efforts to expand its residential development portfolio in Mumbai, one of India's largest and most competitive housing markets. The land parcel was secured through a competitive bidding process, although the company did not disclose the financial consideration paid for the acquisition.
Located in Kandivali East, a rapidly developing residential micro-market in Mumbai's western suburbs, the site is expected to support a project with a development potential of approximately 1.8 million sq ft.
The company said the proposed project is estimated to generate revenues of around INR 5,600 crore upon completion and sale, making it a significant addition to Mahindra Lifespaces' future project pipeline.
The acquisition comes at a time when residential developers are actively pursuing land opportunities in Mumbai and its surrounding regions amid sustained housing demand and limited availability of large, developable land parcels within the city.
Kandivali East has emerged as a prominent residential destination owing to its connectivity to major commercial districts, transport infrastructure and established social amenities. The location has witnessed increasing development activity from both national and regional developers over the past few years.
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, has continued to strengthen its presence across key residential markets through a combination of land acquisitions, joint development arrangements and redevelopment projects.
Established in 1994, the company currently has a residential development footprint of 53.65 million sq ft, comprising completed, ongoing and forthcoming projects across seven Indian cities.
In addition to its residential business, Mahindra Lifespaces has a significant presence in industrial and integrated developments. The company manages and develops more than 5,000 acres of ongoing and planned projects across four locations through its industrial clusters and integrated township platforms.
The latest acquisition further expands the developer's Mumbai portfolio and provides a sizeable development opportunity in a city where land availability remains constrained. With an estimated sale value of INR 5,600 crore and a planned development area of 1.8 million sq ft, the project is expected to become one of the notable additions to the company's residential pipeline in the Mumbai Metropolitan Region.
Source - PTI
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