Real Estate

Real Estate Transactions

Mahindra Lifespaces to acquire land in Kandivali from M&M

BSE Disclosure  

Mahindra Lifespace Developers Limited (MLDL) is to acquire freehold land measuring approximately 9.24 acres situated at Kandivali (East), Mumbai from its fellow listed promoter firm Mahindra and Mahindra Ltd (M&M). MLDL will pay an aggregate consideration of INR 365 crore in tranches and interest of 7% p.a. payable during the interim period of payment on unpaid principal balance from the sale date. The consideration for the transaction has been arrived at based on valuation as determined by: CBRE South Asia on behalf of MLDL and Colliers International (India) Property Services appointed by M&M and a fairness opinion issued by HDFC.