Mahindra Lifespace buys Mahindra Group company land

Mahindra group company, Mahindra Lifespace Developers has bought a land parcel from Mahindra Engineering & Chemical Products Ltd. The 23 acre land at Pimpri near Pune has been bought at close to Rs 100 crores, sources close to the development said. (Watch)

Currently, Mahindra Engineering & Chemical has a manufacturing facility at Pimpri and as per the agreement, the unit will be shifted out within a year. Mahindra Lifespace is expected to build a residential project on the Pimpri land.

Mahindra Lifespace bought the land at a rate of close to Rs 1000/sqft. This is a significant deal because Mahindra Lifespace has bought it from a group company and industry experts say it’s positive because Mahindra group has huge land parcels and like Godrej, prime land assets can be sold to the real estate arm for development.

Mahindra Lifespace Developers did not respond to an e-mail query sent to the company.