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3 Lokhandwala Complex societies to go in for cluster redevelopment

Feb 04, 2025 08:26 AM IST

Mahindra Lifespace Developers has secured a ₹950 crore redevelopment project in Mumbai's Lokhandwala Complex, enhancing its presence in the area.

MUMBAI: Mahindra Lifespace Developers has bagged the redevelopment project of three housing societies in Mumbai’s upscale Lokhandwala Complex in Andheri West. The project has a Gross Development Value (GDV) of approximately 950 crore.

3 Lokhandwala Complex societies to go in for cluster redevelopment
3 Lokhandwala Complex societies to go in for cluster redevelopment

A GDV is the estimated value that a company hopes to earn from the sale of the properties if they were to be sold in the existing economic conditions.

For Mahindra Lifespace Developers, this is the fourth redevelopment project in Mumbai and will be executed through the Maharashtra government’s cluster redevelopment policy.

“This strategic move strengthens our presence in the western suburbs of Mumbai,” said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers. “This project is in a prime location, which is well connected and offers a great lifestyle. It will be a premium development that will reflect our commitment to sustainable living, modern design and creating spaces that inspire and elevate everyday life.”

Once a marshland and part of Versova, a vast tract of land was purchased by Lokhandwala Constructions’ proprietor Siraj Lokhandwala to construct the residential planned layout of Lokhandwala Complex, which commenced in the early 1980s. Within a few years of beginning construction, the cement scam hit Maharashtra in 1984, leading to the resignation of the then chief minister Abdul Rahman Antulay.

When the developer marketed this address back then, it was called Versova Complex; however, later the area retained the builder’s surname and continues to be called Lokhandwala Complex to this day.

The redevelopment spree in this part of the western suburbs commenced around 2005-2008. Apart from several housing societies of Lokhandwala Complex already getting redeveloped or undergoing redevelopment now, even the neighbouring complexes such as the landmark Yamuna Nagar are on the brink of getting revamped. The Yamuna Nagar society residents have initiated the process and are scouting for a project management consultant to execute the entire project.

Lokhandwala Complex continues to be one of the most sought-after micro-markets and is a popular hangout and shopping destination. One can also spot a celebrity or two, as many Bollywood and television personalities live here.

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