Mahindra Lifespace Developers has completed the acquisition of a 9.24-acre land parcel in Mumbai from Mahindra & Mahindra (M&M) for Rs 365 crore. In February this year, Mahindra Lifespace had announced that it would purchase the land in Kandivali, Mumbai from Mahindra & Mahindra for the development of a housing project.
The aggregate consideration for this land deal is Rs 365 crore (subject to actual land area survey, deduction of TDS and applicable taxes), to be paid in tranches and interest of 7 per cent per annum payable during the interim period of payment on unpaid principal balance from the sale date.
Mahindra Lifespace Developers is the real estate and infrastructure development company and a pioneer of sustainable urbanization in India.
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