Mahindra Lifespace gives notice to C&W to sell its Mumbai plot
Mahindra Lifespace Developers Ltd, the real estate arm of Mahindra group has given formal notice to property advisory, Cushman and Wakefield to sell a mill land parcel in Byculla, Mumbai.
The five acre plot is expected to raise around Rs 600 crore revenue from the market. The company has currently seen marginally depressed land sales, as per reports.
The motion has been confirmed by senior executives of Mahindra Lifespaces but no details have been furnished yet.
Mahindra Lifespaces has development rights on part of the said plot in Mumbai. The plot will be jointly sold by the group along with the owners’ family to third parties.
The deal is estimated to take around 5-6 months to get over.
In a similar deal, Piramal Realty Ltd, the real estate company run by the Ajay Piramal Group had bought a mill land of seven acres from Mafatlal Industries Ltd for Rs 605 crore around two years back.
A project will be launched on the plot sometime this year.
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