Mahindra Lifespace purchases 5.38 acres of land at Pune

Mahindra Lifespace Developers shares were trading marginally higher in the early trade on October 12 after the company acquired land of approximately 5.38 acres situated at Wagholi, Pune. This land has a saleable area potential of approximately 1.5 million square feet for residential development, the company said.

The seller is a third party who does not belong to the Promoter/Promoter Group/Group companies and the transaction does not fall under the ambit of Related Party Transactions, it added.

In the month of September, the company announced the launch of the third phase of Mahindra Happinest Tathawade, a first-of-its-kind ‘Fusion Homes’ residential development in Pune.

With most of its Phase 1 & 2 inventory already sold out, this is one of the fastest-selling developments in the micro market of PCMC and Phase 3 comprises exclusively of 2 BHK homes.

Mahindra Lifespaces’ development portfolio comprises premium residential projects; value homes under the ‘Mahindra Happinest®’ brand; and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands respectively.