News: Mahindra Lifespace Developers has purchased 2 acres of land in Whitefield, East Bengaluru. The land is estimated to have a developable potential of ~0.2 million square feet of saleable area and a gross development value of ₹ 225 crore.
Views: This is the second land purchase by Lifespace in Whitefield in FY24. With this, total land bank development potential addition has been ₹ 2800 crore in FY24 (largely in line with guidance) which also includes a redevelopment project in Mumbai. We like MLDL given its strong parentage, management’s focus on expanding its overall scale of operation and a comfortable balance sheet.
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