In a regulatory filing on Friday, the company said the land parcel is located at Kandivali East, Mumbai.
The project has an estimated revenue potential of Rs 5,600 crore and development potential of around 1.8 million square feet.
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The land has been acquired through a competitive bidding process, the company said, but did not disclose the bid value.
Established in 1994, Mahindra Lifespace Developers’ development footprint spans 53.65 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities.
It also has over 5,000 acres of ongoing and forthcoming projects under development/ management at its integrated developments/ industrial clusters across four locations.
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