Mahindra Lifespaces Purchases 8.2 Acres of Land in North Bengaluru for ₹1000-Crore Project

Mahindra Lifespaces, through its subsidiary Anthurium Developers Ltd, has purchased an 8.2-acre land parcel in North Bengaluru to develop a housing project with a projected Gross Development Value (GDV) of approximately ₹1,000 crore. This acquisition is part of the company's strategic expansion in the Bengaluru real estate market.

The land, situated off the Bangalore-Hyderabad Highway and in close proximity to the international airport, has significant development potential. With an estimated 0.9 million square feet of saleable area, the project will primarily feature mid-premium residential apartments. The location of the land is strategic, being just 1.8 kilometers away from the upcoming Doddajala metro station. This accessibility to transportation hubs is expected to drive demand for residential properties in the area.

While Mahindra Lifespaces did not disclose the deal value or the seller’s name, the company indicated that this project will be their seventh in the city, reinforcing their commitment to expanding in Bengaluru. Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers, expressed confidence in the growth prospects for North Bengaluru. He noted that the proximity to key infrastructure, including the international airport and major tech parks, positions the area as a rapidly developing micro-market for high-quality residential developments.

The company’s plan to launch the project within the next nine months underscores the urgency of tapping into the growing demand for residential properties in the region. Bengaluru, known for its strong IT sector and rapid urbanization, has witnessed an increase in demand for well-planned residential communities, especially in emerging areas like North Bengaluru.

This acquisition is in line with Mahindra Lifespaces’ broader growth strategy, which includes targeting ₹45,000 crore in revenue potential over the next five years. The company is focusing its efforts on expanding its presence in key markets such as Mumbai, Pune, and Bengaluru, with a goal of achieving pre-sales of ₹8,000 to ₹10,000 crore by FY28. This ambitious target highlights the company’s confidence in the Indian real estate sector’s potential, especially in urban centers with strong economic growth.

In addition to its recent land acquisition in Bengaluru, Mahindra Lifespaces has been active in securing development opportunities in other cities as well. In November 2024, the company entered into a joint development agreement with GKW Ltd for a 37-acre land parcel in the Bhandup area of Mumbai. This project, with an expected development potential of 3.6 million square feet, will further strengthen Mahindra Lifespaces’ footprint in the Mumbai real estate market.

The company’s strategy to expand into premium housing segments is also evident in its focus on large-scale, mixed-use developments. The Bhandup project, for example, will include residential, commercial, and retail components, catering to the growing demand for integrated communities in urban areas. This joint venture complements Mahindra Lifespaces’ efforts to rebrand itself as a premium housing company and diversify its offerings to include both residential and commercial properties.

Mahindra Lifespaces’ move to develop high-quality residential projects in Bengaluru and other key cities is a reflection of the evolving demand in India’s real estate market. As cities like Bengaluru continue to grow rapidly due to urbanization and the expansion of the tech industry, developers like Mahindra Lifespaces are keen to tap into the rising demand for well-located, well-planned residential communities. The company’s emphasis on quality construction, strategic locations, and a focus on mid-premium housing segments positions it well to cater to the needs of homebuyers in these growing markets.

Mahindra Lifespaces is focused on building a robust portfolio of residential and mixed-use developments across major Indian cities. With its continued investments in Bengaluru, Mumbai, and Pune, the company aims to leverage its expertise in urban development to capture a larger share of the growing housing market. As the demand for high-quality homes in well-connected locations rises, Mahindra Lifespaces remains well-positioned to meet the evolving needs of homebuyers across the country.

Image source- mahindralifespaces.com