Mahindra Lifespace Developers Ltd will redevelop a housing society in Mumbai’s Matunga area and anticipates earning revenue of Rs 1.01 billion from the sale of the free-sale component. The company disclosed in a regulatory filing that it has been chosen as the preferred partner for the residential redevelopment project.

The project spans about 1.53 acres, with a gross development value estimated at Rs 1.01 billion, further strengthening the company’s presence in the Mumbai micro market.

Mahindra Lifespace, the real estate arm of the Mahindra Group, has a development footprint of 53.30 million sq ft (saleable area) across completed, ongoing and planned residential projects in seven cities. The company also manages more than 5,000 acres of ongoing and planned projects at its industrial clusters across four locations.