Mahindra Lifespace to buy 9.24 acres land from M&M in Mumbai

11 Feb 2022 CW Team

Mahindra Lifespace Developers' promoter and the holding company are Mahindra and Mahindra (M&M).

Following the successful Mahindra Root project, this new project will be Mahindra Lifespace's second residential development in Kandivali, with a carpet area of approximately one million sq ft. According to the company's regulatory filing, the project is expected to begin in FY23.

The total consideration for this land deal is Rs 365 crore subject to actual land area survey, deduction of TDS and applicable taxes, payable in tranches, with the interest of 7% per annum payable on the unpaid principal balance from the sale date during the interim period of payment.

The transaction is conducted on an arm's length basis.

The company's MD and CEO Arvind Subramanian said that Kandivali East is a vibrant residential neighbourhood in Mumbai with well-developed social and civic infrastructure and amenities. This latest land acquisition is in line with Mumbai expansion strategy and will help us expand their presence in this high-performing micro-market.

Mahindra and Mahindra Ltd CFO, Auto and Farm Sectors, Rajeev Goyal, said the company has an opportunity to monetise an unused land parcel in Kandivali, which is less than 10% of the company's total landholding.

According to Goyal, this will have no impact on the company's operations because no operations of the company's auto and farm verticals are carried out on the land being sold.

The transaction is subject to related-party approval from Mahindra Lifespace Developers Ltd shareholders, as well as other statutory approvals.

Image Source

Also read: Reliance, Mahindra bid for incentives under India's battery scheme

Mahindra Lifespace Developers Ltd, a real estate firm, announced that it will pay Rs 365 crore to Mahindra and Mahindra Ltd (M&M) for 9.24 acres of land in Kandivali, Mumbai, for the development of a housing project. Mahindra Lifespace Developers' promoter and the holding company are Mahindra and Mahindra. Mahindra Lifespace Developers' promoter and the holding company are Mahindra and Mahindra (M&M). Following the successful Mahindra Root project, this new project will be Mahindra Lifespace's second residential development in Kandivali, with a carpet area of approximately one million sq ft. According to the company's regulatory filing, the project is expected to begin in FY23. The total consideration for this land deal is Rs 365 crore subject to actual land area survey, deduction of TDS and applicable taxes, payable in tranches, with the interest of 7% per annum payable on the unpaid principal balance from the sale date during the interim period of payment. The transaction is conducted on an arm's length basis. The company's MD and CEO Arvind Subramanian said that Kandivali East is a vibrant residential neighbourhood in Mumbai with well-developed social and civic infrastructure and amenities. This latest land acquisition is in line with Mumbai expansion strategy and will help us expand their presence in this high-performing micro-market. Mahindra and Mahindra Ltd CFO, Auto and Farm Sectors, Rajeev Goyal, said the company has an opportunity to monetise an unused land parcel in Kandivali, which is less than 10% of the company's total landholding. According to Goyal, this will have no impact on the company's operations because no operations of the company's auto and farm verticals are carried out on the land being sold. The transaction is subject to related-party approval from Mahindra Lifespace Developers Ltd shareholders, as well as other statutory approvals. Image Source Also read: Reliance, Mahindra bid for incentives under India's battery scheme

Equipment

12 Dec 2025

Escorts Kubota Unveils BS V Next-gen Construction Range at Excon 2025

Escorts Kubota (EKL), one of India’s major engineering groups in the agricultural and construction equipment sectors, unveiled its latest BS V–compliant construction machinery line-up at Excon 2025. The refreshed portfolio underscores the company’s push toward application-driven, high-productivity solutions that reduce ownership costs and meet the needs of India’s expanding infrastructure landscape. With demand rising across urban development, industrial logistics and mining, the new range aims to deliver higher performance, durability and operator comfort.In the earthmoving segment, E..

Equipment

12 Dec 2025

ACE and Kotak Mahindra Bank Join Hands to Boost Backhoe Loader Financing

Action Construction Equipment (ACE), the world’s largest Pick-n-Carry crane maker and a leading manufacturer of material handling and construction equipment in India, has entered into a Memorandum of Understanding with Kotak Mahindra Bank to enhance the availability of flexible financing options for backhoe loader customers across the country.The collaboration aims to support contractors, infrastructure companies, entrepreneurs, SMEs, and emerging businesses by offering smoother access to credit through customised loan schemes, quicker turnaround times, and the extensive footprint of Kotak M..

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..