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Mumbai real estate: Mahindra Lifespaces to develop 36.87-acre Bhandup West plot
Mahindra Lifespace and GKW have partnered to develop a 36.87-acre site in Mumbai's Bhandup, focusing on mixed-use residential and commercial spaces
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MUMBAI: Mahindra Lifespace Developers and Kolkata-based GKW have entered into a joint development agreement to develop a 36.87-acre land parcel in Mumbai’s eastern suburbs.
The agreement was inked between Anthurium Developers, a wholly owned subsidiary of Mahindra Lifespace Developers, and GKW (formerly Guest Keen Williams Limited), an integrated warehousing and logistics company, and was facilitated by Anarock Capital.
The plot in Bhandup West is opposite Neptune Magnet Mall on L B S Road, where the developer’s earlier project Mahindra Splendour, spread over 11 acres with 487 flats, exists. Details of the project were not shared by the developer.
According to Anarock Capital, the latest land parcel offers a development potential of approximately 3.6 million square feet. The upcoming project will be mixed-use development, with primary focus on residences. There will be a section for commercial spaces as well as retail outlets.
“This strategic development in Bhandup reinforces our goal of expanding Mahindra Lifespaces’ footprint in Mumbai. The project aligns with our vision to achieve five times growth while remaining committed to innovative designs, sustainability, and creating vibrant communities. With its scale and prime location, this project marks a significant chapter in our journey forward,” said Amit Kumar Sinha, managing director and chief executive officer, Mahindra Lifespace Developers.
GKW’s chairman K K Bangur shared that the company wants to expand its footprint in the real estate sector, which is why they are capitalising on their land holding in Mumbai.
As per the understanding between both the companies, Mahindra Lifespace Developers will draw 70.5% net revenue, whereas 29.5% net revenue share will be of the landowner, that is GKW.
In a joint development model, the builder gets the rights to develop the plot without the upfront costs involved to acquire the land parcel. Whereas the landowner can leverage their position anticipating better returns after the plot’s development. It is pooling of resources and splitting the revenue as per agreed-upon terms and conditions, without the requirement of substantial initial investment in the project.
