Mahindra Lifespace Developers, the Mahindra Group's real estate and infrastructure development arm, has agreed to redevelop a housing society in Mumbai's Malad suburb. The project, which will be built on 3.68 acres of land, is expected to generate around Rs 850 crore in revenue for Mahindra Lifespaces.
"We see societal redevelopment as a promising opportunity for established real estate developers such as Mahindra Lifespaces." In a city like Mumbai, where greenfield construction is limited due to a scarcity of vacant land parcels, redevelopment offers an exciting path for growth while allowing existing property owners to upgrade to larger, better residences with modern amenities." Amit Sinha, Director and Board member, Mahindra Lifespace Developers. The company will continue to evaluate more such opportunities to grow our residential portfolio in Mumbai, he added.
Mahindra Lifespaces has developed more than 10.77 million sq ft of space in the Mumbai Metropolitan Region. It has an overall footprint spanning 32.97 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities.
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