Arvind Subramanian, managing director & CEO, Mahindra Lifespace Developers, said, “This latest land acquisition will be our fifth project in the micro-market. It comes on the heels of the acquisition of 3.26 acres that we concluded in March 2022 and signals our intent to deepen our presence in the locality'.

The site offers well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity. This project is close to the existing residential projects of Mahindra Lifespaces – Mahindra Royale, Mahindra Antheia and Mahindra Centralis – all of which are fully sold.

Located on the old Mumbai-Pune highway, the project site is close to established transport infrastructure for superior rail and road connectivity i.e., national highways (Old Mumbai-Pune Highway and NH 60 - PuneDhule-Nasik), railway station (Kasarwadi and Pimpri), bus stop (Pimpri Chowk) and metro station (Sant Tukaram Nagar).

Mahindra Lifespaces expects to launch the first phase of the project within the next twelve months.

Mahindra Lifespace Developers (‘Mahindra Lifespaces') brings the Mahindra Group's philosophy of ‘Rise' to India's real estate and infrastructure industry through thriving residential communities and enabling business ecosystems. On consolidated basis, the company reported net profit of Rs 25.02 crore on 2.9% increase in total income to Rs 83.09 crore as against a net loss of Rs 11.19 crore in Q3 FY22 over Q3 FY21.

Shares of Mahindra Lifespaces were trading 2.56% lower at Rs 372.55 on BSE.