The land is estimated to have a developable potential of approximately two million sq ft of saleable area. The gross development value is around Rs 1,700 crore.
The latest land acquisition will be its fifth project in the micro-market. The acquisition comes on the heels of the acquisition of 3.26 acre that was concluded in March 2022.
The project is close to the existing residential projects of Mahindra Lifespaces – Mahindra Royale, Mahindra Antheia and Mahindra Centralis – all of which are fully sold.
Mahindra Lifespaces expects to launch the first phase of the project within the next 12 months.