Mahindra Lifespaces is buzzing today, currently at its intra day high point at Rs.144.50, up 1.5%, though volumes are muted at around 330 shares changing hands in the morning. Market cap stands at Rs.1816 crore.

The stock is up on news that the company has put up its Great Eastern Mill land at Byculla in Mumbai on the block. Though the land is not exactly in an high-end locality, its location in Central Mumbai in itself enough to set other builders bidding for this land. Those in the race for acquiring this land are Lodha, Sunteck Realty, Penninsula Land and Seth Developers.

The last transaction in this area was done by Mafatlal Mills and it was at Rs.500 crore. The market is expecting around the same price for Mahindra’s land. But some feel that prices have become sluggish since then and it could probably get a much lower valuation.