Mahindra Lifespaces secures Rs 1,250 cr redevelopment project in Mumbai's Mulund
(MLDL), the real estate and infrastructure arm of the Mahindra Group, has secured rights to redevelop a large
residential housing society
in Mumbai's eastern suburb Mulund.
The redevelopment will be carried out on a 3.08-acre land parcel and has an estimated development value of over Rs 1,250 crore. The project is expected to include a mix of residential units, catering to both the existing society members and new buyers.
This is one of the larger redevelopment projects undertaken by
Mahindra Lifespaces
in Mumbai and is aligned with the company's continued focus on the residential redevelopment segment.
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The site is located in proximity to key infrastructure projects, including the upcoming
Mumbai Metro line 5
, and the Goregaon-Mulund Link Road at a distance of 0.8 km. It also has direct access to the Eastern Express Highway and the Mulund-Airoli Bridge, providing connectivity to Navi Mumbai, South Mumbai, and Thane.
According to Vimalendra Singh, Chief Business Officer – Residential at Mahindra Lifespaces, the company's redevelopment approach is focused on creating value for residents and the city. He added that the Mulund project, with its access to multiple employment and transit nodes, is expected to contribute to the growth of the area.
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The project adds to Mahindra Lifespaces' Mumbai portfolio, where the company is also executing redevelopment and greenfield projects. This follows a series of similar society-led redevelopment contracts awarded in the
Mumbai Metropolitan Region
(MMR), where developers are increasingly looking at infill sites to expand within city limits.
Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region's
property
market, as the land-starved city and its peripheral areas have few vacant land parcels. Ends
The redevelopment sector in Mumbai has seen increased activity, especially in eastern and western suburbs, due to constrained land availability and regulatory focus on replacing ageing building stock.
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