According to the report, the land’s potential gross development value is Rs 1,700 crore, with 1.2 million (12 lakh) square feet of FSI, mainly consisting of mid-premium residential projects. 

Mahindra Lifespace Developers Ltd., a real estate company, announced on Tuesday that it had purchased 9.4 acres of land in Bengaluru to build a housing complex that would bring in an estimated Rs. 1,700 crore. 

The Mahindra Group, a business conglomerate, announced via a regulatory filing that it has acquired 9.4 acres of land in Whitefield, Bengaluru. It also stated that the land would primarily consist of mid-premium residential apartments with a gross development value of approximately Rs 1,700 crore and approximately 1.2 million (12 lakh) square feet of FSI potential. 

Bengaluru is still a target for Mahindra Lifespace Developers, and we are eager to increase our presence there, according to Managing Director and CEO Amit Kumar Sinha. It is consistent with our plan to strengthen our position in India’s growing cities, especially in the areas that are important to us. In response to the dynamic demands of Bengaluru’s home buyers — who have demonstrated an eagerness to recognize and purchase high-quality projects– he stated that the company remains to deliver top-notch projects.  

Mahindra Lifespaces anticipates starting the project’s first phase in the next 12 months. The company’s development portfolio includes seven Indian cities and 35.06 million square feet is finished, ongoing, and upcoming residential projects. Additionally, it manages and develops more than 5,000 acres of current and future projects at its four integrated developments and industrial clusters.