Latest News | Mahindra Lifespace Buys 9-acre Land Parcel in Bengaluru for Rs 199 Cr, Eyes Rs 1,100 Cr Revenue
Get latest articles and stories on Latest News at LatestLY. Realty firm Mahindra Lifespace Developers Ltd has acquired around 9 acre land in Bengaluru for nearly Rs 200 crore to develop a housing project.
Mumbai, Jun 30 (PTI) Realty firm Mahindra Lifespace Developers Ltd has acquired around 9 acre land in Bengaluru for nearly Rs 200 crore to develop a housing project.
The company has acquired a company named Shreyas Stones Pvt Ltd (SSPL), which owns 8.79 acre land parcel in Bengaluru.
In a statement on Monday, Mahindra Lifespace Developers said it has "signed a Share Purchase Agreement (SPA) with SSPL, whereby the shareholders of SSPL have agreed to sell their entire stake (100 per cent of the equity shares)."
The company will acquire 10,000 equity shares, having face value of Rs 10 each, for Rs 199 crore.
"This acquisition unlocks a premium development opportunity with an estimated Gross Development Value (GDV) of Rs 1,100 crore," the company said.
Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd said, "This acquisition marks a key milestone in strengthening our presence in North Bengaluru, one of the city's most promising real estate corridors."
With this parcel adjoining an existing land, he said the company now has an opportunity to create a unified, high-quality premium development with a combined GDV potential of approximately Rs 2,100 crore.
SSPL owns around 8.79 acres of land at Navaratna Agrahara Village in North Bengaluru.
Mahindra Lifespace has been acquiring land aggressively in the past few years to expand its business amid strong demand for residential properties.
The company's development footprint spans 47.56 million sq ft (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)