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Mahindra Lifespaces wins redevelopment deal worth 950 crore for three Mumbai housing societies

Feb 03, 2025 03:53 PM IST

Mahindra Lifespaces to redevelop three housing complexes in Mumbai’s Lokhandwala with an estimated project value of ₹950 crore

Real estate developer Mahindra Lifespaces announced on February 3 that it has secured a 950-crore deal to redevelop three housing societies in Lokhandwala, Andheri area in Mumbai.

Mumbai redevelopmemt news: Mahindra Lifespaces announced on February 3 that it has secured a 950-crore deal. (Picture for representational purposes only)(Mehul R Thakkar/HT)
Mumbai redevelopmemt news: Mahindra Lifespaces announced on February 3 that it has secured a 950-crore deal. (Picture for representational purposes only)(Mehul R Thakkar/HT)

The company said this is a strategic move, and it has now secured a fourth redevelopment project in Mumbai.

The project will be developed under Maharashtra’s cluster redevelopment policy. According to the company's statement, it is located 15 minutes from the upcoming Versova-Bandra Sealink, which will provide improved connectivity to other parts of the city.

Also Read: Mumbai real estate: Redevelopment is here to stay for more than 20 years, says Boman Irani of Keystone Realtors

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

What is redevelopment?

In Maharashtra, several old buildings, especially those comprising two to seven storeys, are being redeveloped.

Also Read: Mumbai real estate: 10 things homeowners of societies looking to get their buildings redeveloped should keep in mind

The redevelopment of housing projects involves demolishing and replacing old structures with modern, bigger buildings subject to various norms. Residents in old buildings get larger apartments in the newer building for free, as the builder sells a certain number of apartments in the new building for a profit. The government, too, earns revenue by selling the floor space index (FSI) to the builder.

On January 23, the company announced that it was acquiring 8.2 acres of land in North Bengaluru to develop a housing project worth 1000 crore.

Also Read: Dharavi redevelopment: Construction work on a 6.4-acre land parcel in central Mumbai's Matunga West to commence

"The land has a developable potential of approximately 0.9 million (9 lakh) square feet of saleable area and a projected Gross Development Value (GDV) of almost 1,000 crore," the company had said in a regulatory filing.

Mahindra Lifespaces plans to launch the project within the next nine months. The project will include mid-premium residential apartments.

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