The reputed and listed developer, Mahindra Lifespaces confirms buying of land parcels in Bengaluru and Mumbai. According to the company, in Bengaluru, they bought new land and in Mumbai, a redevelopment project is in their kitty. The company estimates combined revenue potential of Rs.2050 crore.
As per the regulatory filing, the company said, “Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in Borivali East, Mumbai. This project offers an estimated GDV of approximately Rs. 1,800 crore. The project will be developed under the state’s cluster redevelopment policy.”
Mahindra Lifespaces plans its expansion and presence in the property market of Mumbai, Pune, and Bengaluru. Earlier, the company announced an aiming GDV of Rs. 45,000 crore in the future. The company already has a presence in seven Indian cities with completed, ongoing, and upcoming housing projects.
Amit Kumar Sinha, Managing Director and CEO, of Mahindra Lifespaces said, “These strategic moves in Mumbai and Bengaluru with a combined GDV potential of Rs. 2050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of Rs. 1800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhood.”
He added, “Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces’ dedication to delivering quality living spaces across diverse urban landscapes. As we strengthen our presence in key markets, we remain posed for sustained growth and value creation.” In four major locations, the company has 5,000 acres of ongoing and upcoming projects as a part of integrated and industrial developments.
