Mahindra Lifespace bags housing society redevelopment project in Mumbai

Realty firm Mahindra Lifespace Developers Ltd on Monday said it has bagged a project to redevelop a housing society in Mumbai with an expected revenue potential of Rs 850 crore.

In a regulatory filing, Mahindra Lifespace -- the real estate and infrastructure development arm of the Mahindra Group, said it has won another society redevelopment project, which is spread over 3.6 acres land.

"The company has been selected as the preferred partner to redevelop a residential society in Malad, West, one of the prominent residential and commercial localities situated in the western part of Mumbai. The project will offer Mahindra Lifespaces a revenue potential of around Rs 850 crore," it added.

This is the second society redevelopment project bagged by the company.

Amit Sinha, Director and Board member, Mahindra Lifespace Developers Ltd, said, the company foresees society redevelopment as an exciting opportunity.

"In a city like Mumbai, with few prospects for greenfield construction due to a scarcity of vacant land parcels, redevelopment offers an exciting route for growth while enabling existing property owners to upgrade to larger, better residences with modern facilities," Sinha said.

Mahindra Lifespaces will continue to evaluate more such opportunities to grow its residential portfolio in Mumbai, he added.

Mahindra Lifespaces has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region. It has an overall footprint spanning 32.97 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.

The company also has more than 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.