One of the notable real estate of front row, Mahindra Lifespaces has recently acquired 9.4-acre land parcel in Bengaluru's eastern IT corridor. According to the real estate tycoon, the area of Whitefield has a development potential of 1.2 million sqft of mid-premium and premium apartments with a gross development value of Rs. 1,700 crore. The company is expecting to unveil their first phase of project within the next financial year.
The Managing Director & CEO of Mahindra Lifespace Developers Ltd, Amit Kumar Sinha quoted, "Bengaluru continues to remain a focus market for us, and we are excited to expand our footprint within the city. This aligns with our strategy to deepen our presence in India's thriving urban centres, particularly within our focus markets. We remain committed to delivering top-notch projects that resonate with the dynamic demands of Bengaluru’s home buyers, who have demonstrated their willingness to appreciate and buy high-quality projects."
The company is aiming to achieve the annual revenue of approximately Rs. 500 crore from the industrial leasing business by 2025. The acquired land parcel in the Whitefield area has an excellent connection with tech parks, commercial spaces, and social infrastructure, including educational institutes, healthcare facilities, and retail in proximity. Moreover, the land is close to the Whitefield Hope Farm Metro station, which offers excellent connectivity to central and south Bengaluru.
Sinha also informed that, Mahindra Lifespaces is targeting to launch a pipeline of projects with a development value of more than Rs. 45,000 crore, which is a vital part of their strategy to achieve fivefold growth in pre-sales in the next five years.
The company’s integrated township vertical, the company is also gradually expanding its residential portfolio in Chennai. The upcoming projects will also apartments, with about 20-30% more than the existing portfolio.
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