Mahindra Lifespaces to Buy Land in Kandivali

Mahindra Lifespaces to Buy Land in Kandivali

Feb 12th, 2022


Mahindra Lifespace to purchase 9.24 acres of land in Mumbai from promoter firm M&M for Rs 365 crore.

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The new project is Mahindra Lifespaces’ second residential development in Kandivali and will offer approximately 1 million sq. ft. of carpet area.

Mahindra Lifespace Developers Ltd said on February 10 that it will purchase approximately 9.24 acres of land in Mumbai's Kandivali area from Mahindra & Mahindra Ltd for Rs 365 crore for real estate development.

The land will be acquired on a base consideration of Rs 365 crore. The company has the option to pay the total consideration in tranches over a maximum of three years with 7 percent p.a. interest payable on reducing balance, a company spokesperson said.

This new project is Mahindra Lifespaces’ second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer approximately 1 million sq. ft. of carpet area. The project is expected to be launched in FY 2023.

“Kandivali East is a strategically located, thriving residential hub in Mumbai, and offers well-developed social and civic infrastructure and amenities. This latest land acquisition will help us grow our presence in this high-performing micro-market and is in line with our expansion strategy in Mumbai,” said Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd.

“We are delighted to get this opportunity to monetise an unused land parcel, which is less than 10 percent of our entire land in Kandivali and will not have any impact on the operations of the company as no operations of the auto and farm sectors are carried out on the land being sold,” said Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra Ltd.

The land parcel lies in the well-developed residential area of Akurli Road in Kandivali East. This neighbourhood is home to reputed schools and malls. The Western Express Highway, the nearest metro station and Kandivali railway station are all located within a 4-km radius of the project. Kandivali East enjoys convenient connectivity to employment hubs in Mira Road, Malad, Goregaon, Jogeshwari and Andheri.

The closing of the transaction, which has been approved by the boards of Mahindra & Mahindra Ltd and Mahindra Lifespace Developers Ltd, is subject to related-party approval from shareholders of Mahindra Lifespace Developers Ltd and other statutory approvals, the company said in a statement.

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