Mahindra Group led Mahindra Lifespaces has purchased 12,000 sq m plot from Nycomed Pharma Private limited for around R205 Cr, according to TOI.

The plot located at Andheri, currently houses a bungalow, two guest houses, a R&D facility and an electric sub-station.

The plot has a development potential of 5 lakh sq ft under the new building planning rules framed by the civic body. Mahindra is planning to set up a high-end residential complex on the plot.

Nycomed Pharma was Nycomed A/S (Switzerland) 100% subsidiary in India. Established in 2003, the company constitutes Nycomed's only global R&D centre outside of Europe.

In 2011, Japanese pharma major – Takeda Global acquired Nycomed A/S for 9.6 Bn euros.

Incorporated in 1999 as Gesco Corporation, Mahindra Lifespaces has two major business segments – residential development and integrated business cities. The company is executing two integrated business city projects in Chennai and Jaipur through its subsidiaries – Mahindra World City Developers Limited and, respectively. M&M held 51% stake in MLDL as on March 31, 2012.

Mahindra Lifespaces is also planning to acquire 4.85 acre plot of Madras Race Club in Guindy and made a bid of R260 Cr for the same.

The company has also acquired a land parcel in Alibaug under joint development basis to develop exclusive villas.

Recent land deals in the city includes - Runwal Group purchased a 14-acre Neosym Industry Ltd, a metal manufacturing company located in Bhandup from C K Birla's family for over R400 Cr; Sunteck Realty bought a 15-acre industrial plot at Goregaon for R300 Cr; Lodha Group purchased 17-acres of DLF's Mumbai Textile Mill for R2,700 Cr form DLF; Lodha group also bought a 8 - acre plot at Kalachowky from Haresh Mehta for R600 Cr.

Ajay Piramal-led Piramal Realty to jointly develop the 1.5 acre Famous Studio property with its owner, the Roongta family for around R350 Cr.

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October 30, 2012 03:00 PM

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