Mahindra Lifespace Developers has acquired a 4.25-acre land parcel in Bengaluru with a development value worth ₹400 crore, the company said on Friday.

The land parcel, located in Singasandra in south Bengaluru, will have a development potential of 4.6 lakh square feet, on which the company proposes to build premium residential apartments.

This will be the third project by the company in the electronic city, and expects to launch it within the current year.

Arvind Subramanian, Managing Director and Chief Executive Officer said in a statement,” “Bengaluru is a key growth market for our residential business.... this latest acquisition is aligned with our strategy of further strengthening our presence in India’s IT capital and deepening our presence in key micro markets there.”