Mahindra Lifespace did not disclose the deal value and the seller's name.

"The land has a developable potential of approximately 0.9 million (9 lakh) square feet of saleable area and a projected Gross Development Value (GDV) of almost Rs 10 billion," the company said in a regulatory filing.

The project will primarily feature mid-premium residential apartments.

Mahindra Lifespaces plans to launch the project within the next nine months. The project will include mid-premium residential apartments.

The land is off the Bangalore-Hyderabad Highway, close to the international airport. The area is also about 1.8 km from the upcoming Doddajala metro station.

"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 CEO, Mahindra Lifespace Developers.

Mahindra Lifespaces plans to target Rs 450 billion in revenue potential in the next five years. It intends to focus on its business in Mumbai, Pune, and Bengaluru to achieve this. The company has a strategy to achieve pre-sales between Rs 80 and Rs 100 billion by FY28.

In November last year, the company announced a joint development pact with GKW for a 37-acre land parcel in Mumbai’s Bhandup area. The land parcel will have a development potential of around 3.6 million square feet.

The deal bolstered MLDL’s presence in Mumbai. The company said it intends to be one of the largest urban mixed-use developments for MLDL, primarily focused on the residential segment and supporting commercial and retail components. News source: Hindustan Times