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.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..