Mahindra Lifespace shares hit a day high of Rs 360.95 on 7 October, up 2%, after the firm launched its Rs 3,500 crore Rivenza project in Pune.

Mahindra Lifespace Developers Limited, the real estate arm of the Mahindra Group, launched Mahindra Rivenza on 6 October. The housing project will come up on 13.46 acres in Baner Annex, Mahalunge, Pune.

The company puts the project’s gross development value at about Rs 3,500 crore.

Put simply, that is the estimated worth of all the homes it plans to sell there. The first phase has 1,236 homes. Buyers can choose from 2, 3 and 4 bedroom flats.

Residents will get a clubhouse of over 44,000 sq ft, a swimming pool, squash and pickleball courts, jogging and cycling tracks, a children’s play area and a library with a glass roof.

More than nine acres will be green space. The firm calls it a Net Zero Waste project.

It also holds a Gold pre-certification from the Indian Green Building Council (IGBC), which rates eco-friendly buildings.

According to the company, Baner Annex offers access to the Hinjawadi and Baner IT hubs, global capability centres and established social infrastructure.

Vimalendra Singh, Chief Business Officer (Residential), called Pune ‘an important market for our residential business’. He said the project reflects years of learning about the city and its homebuyers.

The firm informed exchanges about the launch on 6 October, with the press release going out at 8:53 pm.

On 1 October, it had filed disclosures on a product launch and an allotment of securities.

Its board will meet on 22 October to consider financial results. The company also declared a dividend of Rs 3.50 per share this year, with an ex-date of 3 July.

At 9:50 am, it’s trading at Rs 357.40 on NSE, up by Rs 5.20 or 1.48% from the previous close of Rs 352.20.

The stock is still down 9.28% so far this year and below its 52-week high of Rs 427.05.

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