Mahindra Lifespaces closes two deals with a revenue potential of ₹2,050 crore in Bengaluru and Mumbai

Mahindra Lifespaces bags a redevelopment project in Mumbai, acquires land in Bengaluru with a combined revenue potential of ₹2050 crore

Listed real estate developer Mahindra Lifespace Developers Ltd on July 4 said that it has acquired a land in Bengaluru and bagged a redevelopment project in Mumbai comprising seven residential societies with a combined revenue potential of ₹2,050 crore.

Mahindra Lifespace Developers Ltd on July 4 said that it has acquired a land in Bengaluru and bagged a redevelopment project in Mumbai comprising seven residential societies. (HT Files )

"Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in Borivali west, Mumbai. This project offers an estimated GDV of approximately ₹1,800 crore. The project will be developed under the state's cluster redevelopment policy," the company said in a regulatory filing.

The statement added that the company recently acquired 2.37 acres of land in Singasandra, South Bengaluru, located next to its existing Mahindra Zen project. The land is estimated to have a developable potential of approximately 0.25 million sq ft with a GDV of ₹250 crore, it said.

"These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of ₹2050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of ₹1800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods," said Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespace Developers Ltd.

"Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces' dedication to delivering quality living spaces across diverse urban landscapes. As we strengthen our presence in key markets, we remain poised for sustained growth and value creation," Sinha added.

Mahindra Lifespaces has been aiming to strengthen its presence in Mumbai, Pune and Bengaluru real estate market. The company has in the past announced that it was targeting GDV of ₹45,000 crore in the coming years.

Its development footprint spans 37.33 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development/ management at its integrated developments/industrial clusters across four locations.