Mahindra Lifespaces Developers, in a major announcement, has said that it has acquired 13.46 acres of land in Pune. The Mahindra group’s realty company acquired this land in Nande-Mahalunge, which is located about 20 kilometres from the Pune city centre.

Land Acquisition in Pune 

As per the company, the land is estimated to bring about a development potential of ₹3,500 crore.

The company added that the land is located with ‘quick access’ to the IT Hub of Hinjewadi, with educational institutes such as Delhi Public School and Symbiosis center for Management near it.

Speaking on the land acquisition, Vimalendra Singh, Chief Business Officer – Residential, Mahindra Lifespace Developers, said, “This land parcel is strategically located within the well-planned Mahalunge micromarket, offering excellent connectivity through the proposed PMRDA Town Planning Scheme and the upcoming Inner Ring Road, next to Hinjewadi. The acquisition reinforces our commitment to Pune and aligns with our strategy to strengthen our presence across the city’s key growth corridors.”

This comes just a day after the company, in another expansion in the redevelopment space, this time in Mumbai, said it has been selected as the preferred partner for the redevelopment of four residential societies. The project spans around 1.65 acres.

Read Also: Mahindra Lifespaces to redevelop two housing societies with ₹1,700 cr potential

These four residential societies are located in Mumbai’s northern suburb of Malad (West). This deal, according to the company, gives it a development potential of about ₹800 crore.

Before that, in September, in the redevelopment space, the company was chosen as the redevelopment partner for two housing societies in the Eastern Mumbai Suburb of Chembur. The two projects combined have a gross development potential of around ₹1,700 crore.

The Chembur societies, spread across 2.6 acres and 1.8 acres, are located in the Diamond Garden area in Mumbai.

The company shares closed in green with major gains on Friday, ahead of closing. The company’s shares rose by 3.67% or ₹13.10. While there has been a 14% decline in share price value this year so far, the company shares have increased in value by 35.50% in the past 6 months of trade.

Read More: Mahindra Lifespaces wins redevelopment project in Mumbai’s Malad West valued at ₹800 crore