Mahindra Lifespaces® to strengthen presence in Pune

Mahindra Lifespace Developers Ltd. today announced that it has finalised the terms to purchase approximately 3.2 acres of land in Pimpri, Pune, from Mahindra & Mahindra Ltd. The purchase is expected to be concluded in around six months, subject to the fulfillment of agreed conditions by both buyer and seller. The land parcel is strategically located in the residential area of Nehru Nagar. This new project will offer approximately 3.25 lakh sq. ft. of carpet area. When it is launched, this will be Mahindra Lifespaces' fourth residential project in the micro market. Its last project in that market, Mahindra Centralis, was sold out at launch in 2019.

Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "Pimpri Chinchwad is a strategically located, thriving residential hub in Pune, and offers well-developed social and civic infrastructure and amenities. The proposed acquisition will help us grow our presence in this high performing micro-market and is in line with our residential expansion strategy."

The said land parcel is about 1KM away from the upcoming metro station opposite the Pimpri-Chinchwad Municipal Corporation office.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.471.4 as compared to the previous close of Rs. 469.65. The total number of shares traded during the day was 1237 in over 230 trades.

The stock hit an intraday high of Rs. 481.95 and intraday low of 465. The net turnover during the day was Rs. 584149.

Source : Equity Bulls

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