Mahindra Lifespaces will pay Rs 365 crore to Mahindra & Mahindra for 9.24 acres of Land in Kandivali East in Mumbai

Mumbai's Kandivali neighbourhood

Mahindra Lifespaces Developers Ltd said on February 10 that it will pay Mahindra & Mahindra Ltd Rs 365 crore for roughly 9.24 acres of property in Mumbai's Kandivali neighbourhood for real estate development.

The land would be purchased for a basic price of Rs 365 crore. The firm may pay the complete amount in tranches over a maximum of three years, with interest accruing at a rate of 7% per annum on the diminishing balance, according to a company representative.

This is Mahindra Lifespaces' second residential complex in Kandivali following the success of 'Mahindra Roots,' and will provide about 1 million square feet of carpet space. This residential real estate development is scheduled to begin in 2023.

Kandivali Real Estate is Growing

Kandivali East, according to the real estate development business, is a strategically positioned, booming residential area in Mumbai, with well-developed social and municipal facilities and amenities. This recent land acquisition will enable Mahindra Lifespaces to expand their footprint in this high-performance micromarket, which aligns with their Mumbai development plan.

Additionally, the business acknowledged that they were glad to monetize an underused land piece that represented less than 10% of their total property in Kandivali and would have no influence on the company's activities, as the area being sold is not used for auto or farm operations.

An upcoming real estate location - Kandivali East

The property lot is located in Kandivali East's well-developed residential neighbourhood of Akurli Road. This neighbourhood is home to a number of reputable schools and shopping centres. Within a 4-kilometer radius of the project, the Western Express Highway, the closest metro station, and the Kandivali railway station are all located. 

Kandivali East is well connected to Mira Road, Malad, Goregaon, Jogeshwari, and Andheri job areas.

The deal, which has been authorised by the boards of directors of Mahindra & Mahindra Ltd and Mahindra Lifespaces Developers Ltd, is still subject to related-party clearance from Mahindra Lifespaces Developers Ltd shareholders and other regulatory approvals, the firm said in a statement.