Mahindra Lifespace gains on land acquisition in Maharashtra

The company announced that it has acquired 85,000 square metres n Palghar District of Maharashtra for residential development

Shares of Mahindra Lifespace Developers were up over 2% at Rs 485 after the company said it has acquired land parcel in Palghar District of Maharashtra.

The company in a release late Tuesday said it has acquired a land parcel admeasuring 85,000 square metres for residential development.

Mahindra Lifespace Developers, the real estate and infrastructure development arm of theMahindra Group, is a leader in sustainable urban development with projects across nine Indian cities-Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bengaluru.

The company's residential and commercial development footprint includes over 10.21 million sq. ft. of completed projects and over 9.93 million sq. ft. of ongoing and forthcoming projects.

The stock opened at Rs 485 and touched a high of Rs 487. At 12:40pm, over 4,500 shares were traded on both the stock exchanges.