BENGALURU — Mahindra Lifespace Developers Ltd., through its subsidiary Anthurium Developers Ltd., has acquired 8.2 acres of land in North Bengaluru to develop a mid-premium housing project worth ₹1,000 crore, as published by Hindustan Times. The company announced the acquisition on January 23.
The land parcel has a developable potential of approximately 0.9 million square feet of saleable area, with a projected Gross Development Value (GDV) of nearly ₹1,000 crore. The real estate firm plans to launch the project, which will feature mid-premium residential apartments, within the next nine months.
Strategically located off the Bangalore-Hyderabad Highway, the site is near Kempegowda International Airport and about 1.8 kilometers from the upcoming Doddajala metro station, making it an attractive location for prospective homebuyers.
“Bengaluru is a strategic market for us, and this will be our seventh project in the city. Given the proximity to the international airport and major tech parks, we believe North Bengaluru will be an important micro-market with strong demand for well-planned, high-quality homes,” said Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespaces, in a statement.
While the company did not disclose the financial details of the deal or the seller’s identity, the acquisition underscores its focus on expanding in Bengaluru and other key cities.
Mahindra Lifespaces has set an ambitious goal to achieve ₹45,000 crore in revenue potential over the next five years. The company is prioritizing its operations in Mumbai, Pune, and Bengaluru to drive growth and aims to achieve pre-sales between ₹8,000 crore and ₹10,000 crore by fiscal year 2028.
In November 2023, the company entered into a joint development agreement with GKW Ltd. for a 37-acre land parcel in Mumbai’s Bhandup area. The project, with a development potential of around 3.6 million square feet, is expected to be one of the largest urban mixed-use developments by the company, focusing on residential spaces with supporting commercial and retail components.
Earlier in July 2024, Mahindra Lifespaces announced its plans to rebrand as a premium housing company, with a strategic focus on expanding its presence in Mumbai, Pune, and Bengaluru.
North Bengaluru’s enhanced connectivity, including its proximity to tech parks and infrastructure developments like the Doddajala metro station, makes it a highly sought-after area for residential projects. With its latest acquisition, Mahindra Lifespaces is poised to cater to the increasing demand for premium homes in this growing micro-market.