6 days ago
Mahindra Lifespaces to redevelop housing project in Mumbai's Mulund with a revenue potential of ₹1,250 crore
Listed real estate developer Mahindra Lifespaces Developers Limited (MLDL) announced on June 27 that it has been appointed the preferred developer for the redevelopment of a premium housing society in the Mulund West area of Mumbai. The developer expects a revenue of about ₹ 1,250 crore. Mumbai real estate update: Listed real estate developer Mahindra Lifespaces Developers Limited (MLDL) announced on June 27 that it has been appointed the preferred developer for the redevelopment of a premium housing society in the Mulund West area of Mumbai. (Picture for representational purposes only)(Mehul R Thakkar/HT)
In a regulatory filing on Friday, the company informed that it has been appointed as the "preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai.
According to the company, the project spans a 3.08-acre land parcel and has an estimated development value of approximately ₹ 1,250 crore.
The company said that the site offers excellent connectivity, being just 1.4km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road.
Also Read: Mahindra Lifespaces wins redevelopment deal worth ₹ 950 crore for three Mumbai housing societies
According to the company statement, it also provides seamless access to the Eastern Express Highway and the Mulund-Airoli Bridge, facilitating convenient travel to Navi Mumbai and other business hubs.
"At Mahindra Lifespaces, our redevelopment philosophy centres around creating value for residents and the city. We aim to blend design excellence with sustainability and on-time delivery. With robust connectivity and access to employment hubs in South Mumbai, Navi Mumbai and Thane, this project is poised to be a key contributor to the area's continued growth story." Vimalendra Singh, Chief Business Officer, Residential, Mahindra Lifespace Developers Ltd, said.
According to local brokers, the per sq ft price of a residential apartment in Mulund is in the range of ₹ 20,000 to ₹ 30,000 per sq ft.
Also Read: Mahindra Lifespaces announces cluster redevelopment project in south Mumbai with a revenue potential of ₹ 1,650 crore Redevelopment focus
In the last five months, the company has announced multiple redevelopment projects in the Mumbai real estate market, with a potential value of close to ₹ 5,000 crore.
This includes a cluster redevelopment project in Mumbai's Mahalaxmi, with a Gross Development Value (GDV) of ₹ 1650 crore. The company also announced the redevelopment of five housing societies in the Andheri West area of Mumbai, with a potential value of over ₹ 2,150 crore. Mahindra Lifespaces to exit affordable housing by FY30, shifts focus to premium segment
The company plans to exit from the affordable housing segment for the time being, stating that it will have zero affordable housing projects on its books by FY30.
Also Read: Mahindra Lifespaces to exit affordable housing by FY30, shifts focus to premium segment: CEO
Speaking during the Q4 FY25 investor call, Amit Sinha, MD and CEO of Mahindra Lifespaces, had said, "We focus on premium. Premium is defined as more than ₹ 1 crore to ₹ 10 crores in NCR and Mumbai, above which the 10 crore market is a threshold for luxury. But in other markets like Pune and Bengaluru, ₹ 1 to ₹ 5 crores is mid-premium and premium. So, that is what we want to focus on."
"Affordable has not done well for us, and that is something we want to sunset over a period of time. We have to fulfil our customer commitments, which we will do over time," Sinha had said.
