Mahindra Lifespace Developers after market hours on Thursday announced the addition of a new residential project in Kalyan.
The company has entered into an agreement for sale for 10.3 acres. This new project will offer approximately 7 lakh sq. ft. of carpet area and is expected to be launched in FY 2022.
Kalyan is a well-developed, end user-driven residential hub in Mumbai Metropolitan Area (MMR). This is Mahindra Lifespaces' second residential development in Kalyan after 'Happinest Kalyan', one of the fastest-selling value housing projects in the micromarket in 2019-20.
Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers, said, the company's latest land acquisition in Kalyan is aligned to its strategy of strengthening presence in high-performing markets.
Shares of Mahindra Lifespace Developers rose 1.58% to settle at Rs 541.70 yesterday.
Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19.4 billion Mahindra Group, and a pioneer of sustainable urbanisation in India.
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