Mahindra Lifespace acquires 5.38 acres land at Pune; share price gain

This land has saleable area potential of approximately 1.5 million square feet for residential development, company said.

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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.

At 09:20 hrs Mahindra Lifespace Developers was quoting at Rs 525.25, up Rs 2.10, or 0.40 percent on the BSE.

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.

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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.