Mahindra Lifespace Developers has reportedly acquired 12-acre land parcel worth Rs 472 crore in Gurgaon from private equity fund Ireo. The company has acquired the land to develop residential projects.
The project is to be developed by the joint venture that Mahindra Lifespace has with Standard Chartered Real Estate, the private equity arm of Standard Chartered Bank. Both the entities plan to develop projects through Watsonia Developers, in which Mahindra Lifespace and SCM hold equal stakes.
Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.