Mahindra Lifespace signed a 100-acre plotted project in the Mumbai region, marking its first plotted development outside Chennai.

The company shared the news in a press release filed with the NSE on 5 November. It did not disclose the deal value, the exact location or a launch date.

A plotted development sells plots of land instead of ready-built flats. Buyers own the land and get more freedom to shape what they build on it.

Mahindra Lifespace says more homebuyers now want that flexibility.

Until now, its plotted projects sat only at Mahindra World City in Chennai, under the Lakefront Estates and Green Estates brands.

The Mumbai-region deal is the first one outside that township. It will not stop there.

The company also plans plotted projects in Pune and Bengaluru. Vimalendra Singh, its Chief Business Officer for residential, said buyers want flexibility, customisation and long-term value from land.

Mahindra Lifespace Developers, set up in 1994, is the real estate arm of the Mahindra Group.

Its brands include Mahindra Happinest and Origins by Mahindra.

The company builds homes in seven cities, with 53.65 million sq ft of residential space.

It also runs integrated and industrial clusters spread over more than 5,000 acres. The deal follows a busy few months.

In October, the company announced the launch of Mahindra Rivenza in Pune, a 13.46-acre project worth an estimated Rs 3,500 crore in total sales.

Its second-quarter results on 22 October showed residential sales bookings of Rs 1,063 crore, up 41%.

For the first half of the year, bookings rose 66% to Rs 1,988 crore. Profit after tax did fall 66% to Rs 16.34 crore in the quarter.

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