Mahindra Lifespaces cancels Joint Venture of 4.8 acre Dahisar land

Mahindra Lifespaces Cancels Dahisar Project, Faces Penalty for Air Pollution Violation. Mahindra Lifespaces has scrapped its plans for a joint development project on a 4.8-acre land parcel in Dahisar, Mumbai. Mahindra Lifespaces cancels Joint venture deal in Dahisar, Mumbai.

• Reason for Cancellation: Significant delays in fulfilling certain regulatory clearances and approvals.
• Project Details (announced in Oct 2021):
  • Location: Dahisar East, Mumbai
  • Size: ~5 lakh sq ft of carpet area

Separate Regulatory Filing:

Mahindra Lifespaces also received a penalty notice of Rs 4.6 lakh from Pimpri Chinchwad Municipal Corporation for alleged non-compliance with air pollution control regulations at a construction site (location not specified in the report).

Previous Announcement:

In October 2021, Mahindra Lifespaces announced finalizing terms for this project, which was expected to contribute significantly to their Mumbai residential portfolio.

Overall:

This news highlights the challenges faced by developers due to delays in obtaining clearances and the importance of adhering to environmental regulations at construction sites.