Mahindra Lifespaces® acquires new land parcel in Kalyan

In line with its plans to acquire land parcels in established micro-markets, Mahindra Lifespace Developers Ltd. today announced the addition of a new residential project in Kalyan. The Company has entered into an agreement for sale for 10.3 acres. This new project will offer approximately 7 lakh sq. ft. of carpet area and is expected to be launched in FY 2022. This is Mahindra Lifespaces' second residential development in Kalyan after 'Happinest Kalyan', one of the fastest-selling value housing projects in the micromarket in 2019-20.

Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "The runaway success of our first residential project in Kalyan validates the growing demand for high quality, aspirational homes by trusted brands in this attractive suburb. Our latest land acquisition in Kalyan is aligned to our strategy of strengthening our presence in high-performing markets. We look forward to delivering our next outstanding project in Kalyan."

Kalyan is a well-developed, end user-driven residential hub in Mumbai Metropolitan Area (MMR). The micromarket is well-connected with the urban hub of Mumbai and enjoys strong demand for quality residential projects by trusted brands. Mahindra Lifespaces' latest project site is strategically located on the MumbaiNashik Highway and near the proposed Rajnouli metro station on the upcoming Thane-Bhiwandi-Kalyan metro route. The neighbourhood is home to reputed schools, colleges, business hubs, hospitals and markets. The site is also close to the planned 12-lane Virar-Alibaug multimodal corridor, which will provide easy access to important highways such as the Mumbai-Delhi Highway (NH-8), the Delhi-Mumbai-Bangalore Highway (NH-48), the Bhiwandi Bypass and the Mumbai-Pune Expressway.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.541.7 as compared to the previous close of Rs. 533.3. The total number of shares traded during the day was 4317 in over 421 trades.

The stock hit an intraday high of Rs. 543.7 and intraday low of 522.7. The net turnover during the day was Rs. 2309530.

Source : Equity Bulls

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