Mahindra Lifespace Developers Ltd. said it had purchased 11.5 acres of land in the micro market of Pimpri, Pune, for an unspecified amount.
The land is estimated to have a developable potential of approximately 2 million square feet of saleable area and a gross development value of about ₹1,700 crore, the company said.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “Pimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces.”
“This latest land acquisition will be our fifth project in the micro-market. It comes on the heels of the acquisition of 3.26 acres that we concluded in March 2022, and signals our intent to deepen our presence in the locality,” he added.