In its attempt to gain pan-India footprint, Mahindra Lifespace is steadily adding to its land parcels and has recently bought its first land parcel at Bannerghatta Road in Bangalore and is currently looking for more such land buys in and around the city. In the March quarter, the player bought land in suburban Mumbai's Andheri (east) area and is already present in cities regions like National Capital Region, Pune, Hyderabad, Chennai, Jaipur and Nagpur. In this connection, it has signed five joint venture or development agreements with land owners across cities to launch premium residential projects. While it has signed pacts for all these projects, one or two of them may be cancelled following issues found during due diligence, Chief Executive, Anita Arjundas said, explaining that on the back of new acquisitions, the consolidated net debt (of Mahindra Lifespace) increased by Rs. 3.2 billion (Rs.320cr) quarter-on-quarter to Rs. 710cr and with further acquisitions in pipeline, it expects the leverage level to go up, although the management had earlier hinted at possible stake dilution to private equity in select projects. In a recent development, Mahindra Lifespace said it had asked property advisory Cushman and Wakefield India to sell a five-acre, mill land in Byculla, Mumbai, which, according to estimates, may command Rs.600cr.
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