Mahindra Lifespace Developers Ltd., through its wholly-owned subsidiary Anthurium Developers Ltd., has acquired around 8.2 acres of land in North Bengaluru, according to a release issued on Thursday.
The land has a developable potential of approximately 0.9 million square feet of saleable area and a projected gross development value, or GDV, of almost Rs 1,000 crore, it added.
The project will primarily feature mid-premium residential apartments catering to the "rising demand for quality housing in Bengaluru", the company said.
Mahindra Lifespace plans to launch the project within the next nine months, the release noted. The site where the land is located is close to the Bangalore-Hyderabad highway, with proximity to the international airport and the city's information technology hubs, it added.
"Bengaluru is a strategic market for us, and this will be our seventh project in the city. Given the proximity to the international airport and major tech parks, we believe North Bengaluru will be an important micro-market with strong demand for well-planned, high quality homes," said Amit Kumar Sinha, managing director and chief executive officer of Mahindra Lifespace.
Shares of Mahindra Lifespace were trading 1.16% lower at Rs 395.45 apiece on the NSE, compared to a 0.35% advance in the benchmark Nifty 50 as of 1:31 p.m.
The stock has declined 29.44% in the last 12 months basis. The relative strength index was at 28.16.
Six out of the seven analysts tracking the company have a 'buy' rating on the stock and one recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 59.2%.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
