Mahindra Lifespace Developers Ltd, a leading player in the Indian real estate sector, has announced a major land acquisition in Bengaluru. The company has purchased an approximately 9-acre land parcel for a substantial sum of nearly ₹200 crore to develop a new residential project. This strategic move is aimed at capitalizing on the robust and growing demand for high-quality housing in one of India’s most dynamic real estate markets.
Details of the Acquisition
The acquisition was formalized through a Share Purchase Agreement (SPA) with Shreyas Stones Pvt Ltd (SSPL). Under the agreement, Mahindra Lifespace will acquire the entirety of SSPL’s equity shares, which grants it ownership of the 8.79-acre land parcel. The company will purchase 10,000 equity shares, each with a face value of ₹10, for a total consideration of ₹199 crore. This transaction streamlines the ownership transfer and development rights, allowing the company to proceed with its project plans efficiently.
Strategic Location and Project Vision
The newly acquired land is situated in Navaratna Agrahara Village, North Bengaluru, a location known for its strategic importance and excellent connectivity. This area is rapidly developing, with its appeal enhanced by its proximity to the Kempegowda International Airport and major IT corridors. The company has noted that this land parcel is adjacent to an existing land holding, which opens up an opportunity for a larger, unified development. Mahindra Lifespace aims to leverage this synergy to create a high-quality residential community that caters to the aspirations of modern homebuyers. The planned project is expected to feature mid-premium residential apartments, aligning with the company’s focus on delivering well-designed and sustainable living spaces.
Financial and Market Outlook
The new project is projected to have a Gross Development Value (GDV) of approximately ₹1,100 crore. By combining it with the adjacent land, the total GDV potential rises to an impressive ₹2,100 crore, highlighting the significant scale and financial viability of the planned development. This acquisition underscores Mahindra Lifespace is confidence in the Bengaluru real estate market and its commitment to strengthening its presence in key urban centers across India. The company anticipates launching the project within the next nine months, marking another milestone in its growth journey.
