Mahindra Lifespaces buys Andheri plot for 205 cr

Mahindra Group's Mahindra Lifespaces, has bought a three-acre plot in Andheri owned by Nycomed Pharma for around Rs 205 crore, or Rs 65 crore an acre. The 12,000-sq m plot currently houses a bungalow, two guest houses, a research and development facility and an electric sub-station. An erstwhile Swiss pharmaceutical company, Nycomed, was acquired by Takeda, a Japan pharmaceutical research company in 2011. Sources close to Mahindra confirmed the deal saying a formal agreement would be signed after land and legal documents are finalised in the coming weeks. Real estate experts say the deal works out at approximately Rs 6,000 a sq foot. The plot has a development potential of 5 lakh sq ft under the new building planning rules framed by the civic body. Mahindra is planning to set up a high-end residential complex on the plot.