~ Strengthens its residential portfolio with a second redevelopment project ~
National, 24 April 2023: Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the Mahindra Group, has won another society redevelopment project. 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.
Commenting on the redevelopment project, Mr. Amit Sinha, Director and Board member, Mahindra Lifespace Developers Limited, said, “We are happy to announce this addition to our society redevelopment portfolio. We foresee society redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces. 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.
We at Mahindra Lifespaces will continue to evaluate more such opportunities to grow our residential portfolio in Mumbai.”
Mahindra Lifespaces has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region. Having delivered homes to more than 15,000 satisfied customers across India, it has an overall footprint spanning 32.97 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities.