Mahindra Lifespace Developers halts joint development project in Dahisar East

Mahindra Lifespace Developers, the real estate subsidiary of the Mahindra Group, has decided to cease the joint development of a 4.8-acre land parcel in Dahisar East, part of Mumbai Metropolitan Region. The discontinuation, as disclosed in a BSE filing, is attributed to significant delays in meeting conditions, including regulatory clearances and approvals necessary for the timely development of the land. The joint development, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. The decision to discontinue the joint development project in Dahisar East was taken considering the challenges posed by delays in fulfilling certain conditions precedent. The termination underscores the complexities associated with securing regulatory clearances and approvals within set timelines. In a separate regulatory filing, Mahindra Lifespaces revealed that it has received a notice from the construction permission and unauthorized construction department of the Pimpri Chinchwad Municipal Corporation. The notice imposes a penalty of Rs. 4.6 lakh for alleged non-compliance with applicable directions to combat air pollution at a construction site in Pune. The penalty is levied under the 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. This regulatory challenge further emphasizes the importance of adhering to environmental guidelines in the construction industry. Mahindra Lifespaces, while facing setbacks in the joint development venture, must now address compliance issues and potential financial implications associated with the penalty notice in Pune.

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Mahindra Lifespace Developers halts joint development project in Dahisar East

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