Mahindra Lifespaces joins forces with Landowner for Bhandup project

19 Oct 2023 CW Team

A vast 37-acre expanse in Bhandup, one of Mumbai's largest land holdings, previously owned by the now-defunct engineering firm Guest Keen Williams (GKW), is set to undergo a joint development venture between the landowner, industrialist K K Bangur, and the real estate company Mahindra Lifespaces.

The project, which will encompass a mix of residential, retail, and office spaces, has been valued between Rs 80 billion and Rs 110 billion, according to an insider familiar with the deal. Despite its prime location near the railway station and LBS Marg, the property struggled to find a buyer at its initial price of Rs 25 billion. After unsuccessful attempts to sell it outright, Bangur opted for a joint development agreement with Mahindra Lifespaces.

Although Amit Hariani, Chairman of Mahindra Lifespaces, declined to comment, sources confirmed that a term sheet for the joint development had been recently signed. The developer made a substantial deposit to the owner and will have the opportunity to sell approximately 40 lakh sq ft of carpet area. The current market price in Bhandup stands at around Rs 22,000-24,000/sq ft.

The project's completion is expected to take eight to ten years. Under the agreement, the owner will receive a share of the profits, while the developer will handle obtaining permissions, cover construction costs, and pay premiums. Moreover, provisions have been made for public amenities, including a park, municipal school, playground, and cultural theatre on the premises.

It's worth noting that in 2005, GKW had sold a portion of the Bhandup plot, approximately 22 acres, to the Neptune Group for Rs 920 million.

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