The land purchase is expected to be concluded in around six months from now, subject to the fulfilment of agreed conditions by both buyer and seller.
The land parcel is located in the residential area of Pimpri’s Nehru Nagar. The new project proposed on the said land parcel will offer around 3.25 lakh sq ft of carpet area, the company said in a statement.
The company has not disclosed the consideration amount for the said land parcel.
Following the proposed launch of the project, this will be Mahindra Lifespace’s fourth project in this micro market. Its last project in that market, Mahindra Centralis, was sold out at launch in 2019.
“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,” said Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers.
The said land parcel is around 1 km away from the upcoming metro station opposite the Pimpri-Chinchwad Municipal Corporation office.
Mahindra Lifespace’s development footprint spans across 25.7 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities.
Under its Integrated Cities and Industrial Clusters business, the Mahindra Group company has over 5,000 acres of ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters across four locations of Chennai, Jaipur, Hyderabad and Pune.
The company has already stated its plan to explore opportunities in development management agreements and brownfield developments that can be pursued for further growth.
According to industry experts, large and established developers with an execution track record are well placed to leverage their brand and financial position to tap into consolidation opportunities arising in the real estate sector owing to the Covid-19 crisis.