Mahindra Lifespace Developers (MLDL) today announced that it has purchased 11.5 acres of land in Pune’s satellite township Pimpri.
The land is estimated to have a developable potential of approximately 2 million square feet of saleable area and a gross development value of around ₹1,700 crore, the Mumbai-based company informed.
Fifth project
Arvind Subramanian, Managing Director and CEO, Mahindra Lifespace Developers 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.”
The land buy-out comes on the heels of the acquisition of 3.26 acres that the company concluded in March. MLDL claims that the site is strategically located and offers well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity.
Located on the Old Mumbai-Pune highway, this project is close to the existing residential projects of Mahindra Lifespaces – Mahindra Royale, Mahindra Antheia and Mahindra Centralis – all of which are fully sold.
Mahindra Lifespaces expects to launch the first phase of the project within the next twelve months.