Mahindra Lifespaces completes acquisition of 9.24 acres land in Mumbai

NEW DELHI: Mahindra Lifespace Developers (Mahindra Lifespaces) has completed the
acquisition of freehold land admeasuring approximately 9.24 acres situated in Village
Akurli, Kandivali East, Mumbai from Mahindra and Mahindra (M&M), promoter of the company,
the company said in a BSE filing.
Total consideration for the transaction is Rs 365 crore to be paid in tranches and interest of 7%
per annum payable during the interim period of payment of unpaid principal balance from the
sale date.
The proposal was first approved by the board of directors in February 2022 and initially sale was
expected to take place by September 30, 2022. However in the view of pending regulatory
approvals, the company and M&M mutually decided to extend the sale date to March 31, 2023.
This new project will offer about 1 million sq ft of carpet area and is expected to be launched in
FY23, the company had said in February 2022 in a media release.
Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra had said that the company
has got an opportunity to monetise an unused land parcel, which is less than 10 per cent of its
entire land in Kandivali.