Mumbai, Nov. 10 -- Mahindra Lifespace Developers (MLD) has acquired around 100 acres in the Mumbai Metropolitan Region (MMR) for a residential plotted development project. The real estate company did not disclose the value of the transaction.
In a regulatory filing, MLD said it had secured the land through an outright purchase. The project will be the company's first plotted development outside Mahindra World City in Chennai, where it has previously pursued integrated development projects.
The company plans to expand its plotted development business across MMR, Pune and Bengaluru. Its residential strategy is aimed at buyers seeking greater flexibility in choosing home designs and layouts, as well as the ability to customise properties according to their requirements.
MLD said plotted projects provide buyers with ownership of the underlying land and scope for personalisation. The company also sees such developments as offering potential for long-term appreciation, although it did not provide details on the project's launch schedule, pricing or development timeline.
Established in 1994, Mahindra Lifespace Developers has a development footprint covering 53.65 mn sq ft of saleable area across completed, ongoing and forthcoming residential projects in seven Indian cities. The portfolio includes a mix of developments at different stages of construction and delivery.
The company also has more than 5,000 acres of ongoing and forthcoming projects under development and management. These assets are spread across integrated developments and industrial clusters at four locations, supporting MLD's broader expansion in residential and urban development. The MMR acquisition adds a new plotted housing opportunity to that portfolio and broadens the company's presence beyond its established project formats.
Published by HT Digital Content Services with permission from Construction World.