Mahindra buys plot in Andheri
Mahindra Lifespaces, part of the Mahindra Group, has purchased a three-acre plot in Andheri owned by Nycomed Pharma Pvt Ltd. Mahindra purchased the property for around Rs 205 crore, or Rs 65 crore an acre.
The 12,000-sq m plot currently houses a bungalow, two guest houses, a research and development facility and an electric sub-station. The property owners – Nycomed, an erstwhile Swiss pharmaceutical company, was acquired by Takeda, a Japanese pharmaceutical research company in 2011.
The property cost around approximately Rs 6,000 per sq foot. The plot has a development potential of 5 lakh sq ft under the new building planning rules framed by the Mumbai civic body. Mahindra has plans to set up a high-end residential complex on the plot.
Andheri, Andheri Mumbai, Mahindra group, Mahindra Lifespaces, Mumbai, Mumbai Properties, Nycomed Pharma Pvt Ltd., Residential complex
