Mahindra Lifespaces announces cluster redevelopment project in south Mumbai with a revenue potential of ₹1,650 crore
Mumbai redevelopment news: The project by Mahindra Lifespaces is located in the upscale Mahalaxmi, South Mumbai’s most sought-after neighbourhoods
Listed real estate developer Mahindra Lifespaces Developers Limited (MLDL) on February 18 announced that it has partnered with Livingstone Infra Private Limited (LS) for a cluster redevelopment project in Mumbai's Mahalaxmi. The project has a Gross Development Value (GDV) of ₹1650 crore.
“This development marks Mahindra Lifespaces’ strategic expansion into South Mumbai’s premium real estate market by creating residences that contribute to Mumbai’s urban renewal. The redevelopment aims to showcase cutting-edge design, sustainable elements, and premium amenities, enhancing the city’s skyline," said Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespace Developers Ltd.
According to the company, the project is located in the upscale Mahalaxmi area and enjoys a prime position in one of South Mumbai’s most sought-after neighbourhoods. A key advantage of the location is its exceptional connectivity, which ensures access to major business districts, essential services, and leisure destinations across South Mumbai.
On February 3, Mahindra Lifespaces announced that it had secured a 950-crore deal to redevelop three housing societies in Lokhandwala, Andheri area in Mumbai.
Also Read: Mahindra Lifespaces wins redevelopment deal worth ₹950 crore for three Mumbai housing societies
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.
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.
What is redevelopment?
In Maharashtra, several old buildings, especially those comprising two to seven storeys, are being redeveloped.
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.