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Bengaluru: Mahindra Lifespace Developers Ltd said it has bought 11.5 acres of land in the suburban Pimpri, in Pune. The land is estimated to have a developable potential of about 2 million sq ft of saleable area and a gross development value of 1,700 crore.

The developer expects to launch the first phase of the project within the next 12 months.

“Pimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces. This latest land acquisition will be our fifth project in the micro-market. It comes on the heels of the acquisition of 3.26 acres that we concluded in March 2022 and signals our intent to deepen our presence in the locality," said Arvind Subramanian, managing director and CEO, Mahindra Lifespace Developers.

The project is close to the existing residential projects of Mahindra Lifespaces – Mahindra Royale, Mahindra Antheia and Mahindra Centralis – all of which are fully sold.

Land deals have been picking up across the top property markets as well-established developers are looking to buy fresh parcels to build a development pipeline in the short to medium term.

Real estate firm Kohinoor Group bought about 32 acres of land in Pune’s Wagholi suburb from another developer Goel Ganga Group. The estimated transaction value is about 180-195 crore, according to estimates by local brokers.

This year, Mahindra Lifespace said, it will purchase 9.24 acres of land in suburban Kandivali, in Mumbai, from Mahindra & Mahindra Ltd for real estate development for 365 crore.

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