Shares of Mahindra Lifespace Builders Ltd rose 2% to the touch a day’s excessive of Rs 385 on thirteenth October, after the corporate introduced the acquisition of 13.46 acres of land in Pune. The Mahindra Group’s actual property arm acquired the land in Nande-Mahalunge, situated about 20 kilometres from Pune metropolis centre.
Land Acquisition in Pune
Mahindra Lifespaces acknowledged that the newly acquired land in Pune has a growth potential of roughly Rs 3,500 crore.
The 13.46-acre land in Nande-Mahalunge gives fast entry to the IT hub of Hinjewadi. It’s near high instructional institutes like Delhi Public College and Symbiosis Centre for Administration.
In response to Vimalendra Singh, Chief Enterprise Officer – Residential, the land is strategically situated within the well-planned Mahalunge micromarket. It has robust connectivity by way of the proposed PMRDA City Planning Scheme and the upcoming Inside Ring Street close to Hinjewadi. He added that the transfer strengthens the corporate’s presence in Pune’s key development corridors.
This announcement follows one other enlargement transfer in Mumbai. There, the corporate was chosen as the popular accomplice for redeveloping 4 residential societies in Malad (West). The entire growth potential is round Rs 800 crore.
In September, Mahindra Lifespaces was additionally chosen for 2 redevelopment initiatives in Chembur, Mumbai. These initiatives cowl 2.6 and 1.8 acres, respectively. They’ve a mixed growth potential of roughly Rs 1,700 crore.
At 11:53 AM, the shares of Mahindra Lifespaces have been buying and selling 1.50% increased at Rs 375.35 on NSE.
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