New Delhi Apr 18 PTI Realty firm Mahindra Lifespace Developers Ltd on Monday said it has acquired 115 acres of land in Pune to develop a residential project which is projected to generate sales value of Rs 1700 crore The land has been acquired in the developing micro market of Pimpri in PuneThe land is estimated to have a developable potential of approximately 2 million square feet of saleable area and a Gross Development Value of around Rs 1700 crore it said in a regulatory filingPimpri is one of the thriving hubs of Pune with a growing demand for high-quality residential and commercial spaces Arvind Subramanian Managing Director CEO of Mahindra Lifespace Developers Ltd saidThis latest land acquisition will be our fifth project in the micro-market It comes on the heels of the acquisition of 326 acres that we concluded in March 2022 and signals our intent to deepen our presence in the locality he saidMahindra Lifespace expects to launch the first phase of the project within the next 12 monthsEstablished in 1994 Mahindra Lifespaces development footprint spans 282 million square feet of completed ongoing and forthcoming residential projects across 7 Indian cities It has over 5000 acres of ongoing and forthcoming projects under developmentmanagement at its integrated developmentsindustrial clusters across 4 locationsLast week Mahindra Lifespace the realty arm of Mahindra Group announced an investment of Rs 500 crore to develop the countrys first net-zero energy housing project comprising around 550 units in Bengaluru The company expects a revenue of Rs 600-650 crore from this projectThe company had also announced that it will develop only net-zero housing projects from 2030 onwards PTI MJH RAM