In a regulatory filing made during market hours today, the company stated that the said land parcel has a developable potential of approximately 0.9 million square feet of saleable area and a projected gross development value (GDV) of almost Rs 1,000 crore.
The project will primarily feature mid-premium residential apartments catering to the rising demand for quality housing in Bengaluru.
The site is strategically located off the Bangalore-Hyderabad Highway, with proximity to the international airport, IT hubs, commercial offices, and a growing and developing social infrastructure.
Mahindra Lifespaces plans to launch the project within the next nine months.
Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers, said: “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.”
Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 35.06 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
The company reported consolidated net loss of Rs 14.01 crore in Q2 FY25 as compared with net loss of Rs 18.93 crore in Q2 FY24. Revenue from operations declined 57.18% YoY to Rs 7.61 crore in Q2 FY25.
The scrip fell 1.54% to currently trade at Rs 395.50 on the BSE.
