Real estate firm Mahindra Lifespace Developers Ltd has acquired a 9.24-acre plot in Mumbai from Mahindra & Mahindra Ltd for Rs 3.65 billion.
In February this year, Mahindra Lifespace announced that it would purchase land in Kandivali, Mumbai from Mahindra & Mahindra Ltd for the development of residential projects.
Mahindra & Mahindra is the sponsor and holding company of Mahindra Lifespace Developers.
The total consideration for this land transaction is Rs 3.65 crore (subject to actual land size survey, deduction of TDS and applicable taxes) to be paid in instalments with an interest of 7% p.a. during the interim period for payment of the outstanding principal sale day’s balance.
It has said the deal is fair.
In a filing to the regulator on Thursday, Mahindra Lifespace said, “The Company and M&M Ltd have completed the transaction on Thursday by executing the deed of carriage for the said property.”
Mumbai-based Mahindra Lifespace is the real estate arm of Mahindra Group, one of the leading real estate companies in the country. It has 32.14 million square feet of completed, under construction and upcoming residential projects in seven cities.
The company also has over 5,000 acres of ongoing and upcoming projects under development/management across its four sites in an integrated industrial park.
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