Mahindra Lifespace Developers rose 1.06% to Rs 475 after the company announced that it has finalised the terms to purchase approximately 3.2 acres of land in Pimpri, Pune, from Mahindra & Mahindra (M&M).
The purchase is expected to be concluded in around six months, subject to the fulfillment of agreed conditions by both buyer and seller. The land parcel is located in the residential area of Nehru Nagar, Pune (Maharashtra). This new project will offer approximately 3.25 lakh sq. ft. of carpet area. Post launch, this will be Mahindra Lifespace Developers' fourth residential project in the micro market. Its last project in that market, Mahindra Centralis, was sold out at launch in 2019.
The land parcel is about 1 km away from the upcoming metro station opposite the Pimpri-Chinchwad Municipal Corporation office.
Arvind Subramanian, the managing director & chief executive officer (CEO) of Mahindra Lifespace Developers, said: "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."
On a consolidated basis, Mahindra Lifespace Developers reported a net loss of Rs 9.68 crore in Q3 December 2020 as compared to a net profit of Rs 1.99 crore in Q3 December 2019. Net sales dropped 17.3% to Rs 65.16 crore in Q3 FY21 over Q3 FY20.
Mahindra Lifespace Developers is the real estate and infrastructure development business of the Mahindra Group.
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