Mahindra Lifespaces cancels joint development of 4.8-acre land in Mumbai's Dahisar
Publish on : 2023-11-15 17:01:59
Mahindra Lifespaces also received a notice from Pimpri Chinchwad Municipal Corporation, imposing a penalty of Rs. 4.6 lakh for alleged non-adherence to applicable directions to combat air pollution in construction sites.
NEW DELHI: Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has discontinued joint development on a 4.8-acre land parcel situated in Dahisar East, Mumbai Metropolitan Region, it informed in a BSE filing.
"..The above-mentioned terms of joint development were subject to conditions precedent including regulatory clearances and approvals for effective development of the land parcel in a timely manner. In the best interest of the company, owing to significant delays in fulfillment of certain conditions precedent, the same shall be discontinued and shall not be pursued," it said.
In October 2021, the company announced the joint development which was to offer approximately 5 lakh sq. ft. of carpet area.
In a separate regulatory filing, the company informed that it has received a notice from the construction permission and unauthorized construction department of the Pimpri Chinchwad municipal corporation imposing a penalty of Rs. 4.6 lakh for alleged non-adherence to applicable directions to combat air pollution in a construction site while carrying on construction at its project in Pune under applicable provisions of the Air (Prevention and Control of Pollution) Act 1981, State Level Environmental Impact Assessment Authority and Unified Development Control and Promotion Regulations for Maharashtra State.