Realty firm Mahindra Lifespace Developers Ltd has acquired around 9 acre land in Bengaluru for nearly Rs 200 crore to develop a housing project.
The company has acquired a company named Shreyas Stones Pvt Ltd (SSPL), which owns 8.79 acre land parcel in Bengaluru.
"This acquisition unlocks a premium development opportunity with an estimated Gross Development Value (GDV) of Rs 1,100 crore," the company said.
Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd said, "This acquisition marks a key milestone in strengthening our presence in North Bengaluru, one of the city's most promising real estate corridors."
With this parcel adjoining an existing land, he said the company now has an opportunity to create a unified, high-quality premium development with a combined GDV potential of approximately Rs 2,100 crore.
Content Courtesy : economictimes