Mahindra Lifespaces secures ₹1,010 cr redevelopment project in Mumbai

Work will 'transform' existing housing cluster into a modern community, says company

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Mahindra Lifespace Developers has been selected to redevelop a residential society in Matunga (West), Mumbai, at a gross development value of around ₹1,010 crore.

 

The 1.53-acre project will “transform an existing housing cluster into a modern community featuring improved infrastructure, contemporary design, and enhanced lifestyle amenities”, said Mahindra Lifespace, the real estate and infrastructure development arm of the Mahindra Group.

 

“This mandate is a strong endorsement of the trust communities place in Mahindra Lifespaces to deliver redevelopment that genuinely uplifts neighbourhoods. Matunga is a well-established and highly valued neighbourhood, and this redevelopment allows us to contribute thoughtfully to its next chapter with homes designed for modern lifestyles,” said Vimalendra Singh, chief business officer, residential, Mahindra Lifespace Developers.

 

In October, Mahindra Lifespaces secured a redevelopment mandate for four residential societies in Malad (West), Mumbai. Spread across about 1.65 acres, the project has a revenue potential of around Rs 800 crore.

 

Mumbai’s society redevelopment segment has been expanding rapidly. Projects across the Mumbai (MCGM) region are expected to add about 44,277 new homes as free-sale components worth ₹1.31 trillion by 2030, according to Knight Frank India, a real estate consultancy firm. Since 2020, 910 housing societies have signed development agreements, unlocking around 326.8 acres of land based on floor-space index norms and average unit sizes.

 

Matunga West is an active housing market. Between October 2024 and September 2025, it recorded 81 new sale transactions with a gross sales value of ₹233 crore, according to Square Yards Data Intelligence, a real estate data analytics firm. As of the third quarter of 2025, the average property rate in the area stood at ₹50,391 per square foot, down from ₹56,420 per square foot in the same quarter last year.