Mahindra Lifespaces calls off 5-acre joint development in Mumbai’s Dahisar
Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has decided not to undertake a joint development on a nearly 5-acre land parcel in Mumbai’s western suburb Dahisar owing to significant delays in fulfilment of certain conditions precedent.
The company had finalised the terms for this project in October 2021 and the development was estimated to provide around half a million sq ft of carpet area.
The terms of this joint development were subject to conditions precedent including regulatory clearances and approvals for effective development of the land parcel in a timely manner.
“In the best interest of the company, owing to significant delays in fulfilment of certain conditions precedent, the same shall be discontinued and shall not be pursued,” the company said.
Mahindra Lifespace Developers recently acquired 5.38 acres of land in Wagholi locality of Pune. The land is estimated to have a development potential of over 1.5 million sq ft of saleable area.
For the quarter ended September, the company has recorded pre-sales of Rs 455 crore for 0.68 million sq ft saleable area in its residential business.
The company has a healthy pipeline of business development with Gross Development Value {GDV) of over Rs 5,000 crores, Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers told investors during its September quarter earnings call.
The company has multiple launches coming up in the second half of the current financial year.
