Mahindra Lifespaces secures Rs. 950 crore Deal to Redevelop Housing Societies in Mumbai

Mahindra Lifespaces, a real estate developer, revealed on February 3 that it has secured a Rs. 950 crore deal to redevelop three housing societies in Lokhandwala, Andheri, Mumbai. This new deal marks the company’s fourth redevelopment project in Mumbai, further strengthening its position in the region.

The redevelopment will follow Maharashtra’s cluster redevelopment policy, with the project located just 15 minutes away from the upcoming Versova-Bandra Sealink, enhancing connectivity to other parts of Mumbai. The project is expected to offer premium development, featuring modern design and sustainable living spaces that reflect Mahindra Lifespaces' commitment to quality and improved lifestyles.

Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers, shared that the project will strengthen the company’s presence in Mumbai’s western suburbs, positioning it in a well-connected, high-demand location. The company emphasized its dedication to creating inspiring living spaces that elevate the daily lives of residents.

In Maharashtra, the redevelopment process typically involves replacing older, smaller buildings with newer, larger ones. Residents in the original buildings are provided with larger apartments in the new development for free, while builders sell some of the new apartments for profit. The government also benefits by selling the floor space index (FSI) to the developers.

Additionally, Mahindra Lifespaces had recently acquired 8.2 acres of land in North Bengaluru for a Rs. 1,000 crore housing project. This new project is expected to generate approximately 0.9 million square feet of saleable area, with a projected Gross Development Value (GDV) of Rs. 1,000 crore.