In Mumbai’s Western Suburb Kandivali, approximately 9.24 acres of land has been acquired by Mahindra Lifespace Developers from Mahindra & Mahindra through an agreement for real estate development.
The proposed project will provide approximately 1 million sq ft of carpet area and will be launched in the next financial year 2022-23.
The land is purchased at Rs 365 on a base consideration. The developers can pay the total consideration in parts over a maximum of three years with interest payable of 7% per annum on reducing balance.
Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra, stated that they are glad to get this chance to monetize an unutilized land parcel. It is less than 10% of the whole land in Kandivali. Since no working of the auto and farm sector is executed on the land, it would not have any effect on the functioning of the company.
After its former project Mahindra Roots, Mahindra Lifespace Developers’ second residential development in Kandivali is this new project, which is developed on this land parcel.
Kandivali-east is a measuredly located growing residential hub in Mumbai and provides fully developed social and civic amenities and infrastructure.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers, shared that this purchase would assist them to grow in the present high-performing micro-market and is under the expansion strategy in Mumbai.
The land plot is in Akurli Road in Kandivali East, an established residential area.
The winding-up of the transaction had been accepted by the specific boards of Mahindra & Mahindra and Mahindra Lifespace Developers. It is dependent on related party consent from shareholders of Mahindra Lifespace Developers and other statutory approvals.
Mahindra Lifespace Developers was established in the year of 1994. The portfolio includes across Indian cities, 28.2 million sq ft of completed, in progress and upcoming residential projects and at its integrated developments and industrial clusters, across four locations, 5000 acres of in progress and upcoming projects under development and management.
The company handles the development of premium residential projects, value homes under the control of the ‘Mahindra Happinest’ brand, and integrated cities and industrial clusters under the control of Mahindra World City and ‘Origins by Mahindra’ brands, respectively.
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