Listed real estate developer Mahindra Lifespaces Developers Limited (MLDL) on November 8 announced a joint development pact with GKW Ltd for a 37-acre land parcel in Mumbai’s Bhandup area. The land parcel will have a development potential of around 3.6 million square ft, the company said in a statement.
The deal bolsters MLDL’s presence in Mumbai. It will be one of the largest urban mixed-use developments for MLDL, primarily focused on the residential segment, along with supporting commercial and retail components, the company said in a statement.
According to the company, the project is located in Bhandup in the eastern suburbs of Mumbai. "The location offers excellent connectivity to commercial hubs and easy access to the rest of the city via the Jogeshwari-Vikhroli Link Road, the Eastern Express Highway, as well as excellent train and metro connectivity, " the company said in a statement.
The MLDL deal was facilitated by ANAROCK Capital and Khaitan & Co acted as the legal advisor.
"This strategic development in Bhandup reinforces our goal of expanding Mahindra Lifespaces’ footprint in Mumbai. The project aligns with our vision to achieve 5x 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 CEO, Mahindra Lifespace Developers Ltd.
Property rates in Bhandup area
{{/usCountry}}"This strategic development in Bhandup reinforces our goal of expanding Mahindra Lifespaces’ footprint in Mumbai. The project aligns with our vision to achieve 5x 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 CEO, Mahindra Lifespace Developers Ltd.
Property rates in Bhandup area
{{/usCountry}}The property rates for residential projects in the Bhandup area is around ₹20,000 to ₹25,000 per sq ft, according to local brokers.
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"This transaction aligns with our vision to expand our footprint in the real estate space. We look forward to working with the Mahindra team to develop a world-class, mixed-use project and create value for our shareholders," K K Bangur, Chairman, GKW said.
GKW Limited, the erstwhile Guest Keen Williams Limited, is engaged in the field of integrated warehousing and logistics solutions in Kolkata. It holds a large land parcel of 37 acres in Bhandup, Mumbai, which will now see a mixed-use development, ANAROCK said in a statement.