Mahindra Lifespace bags Rs 950 cr redevelopment project in Mumbai

Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of three residential societies together. The project will be developed under Maharashtra's redevelopment policy

Don't want to miss the best from Business Standard?

Realty firm Mahindra Lifespace Developers on Monday said it has bagged a redevelopment project in Mumbai with an estimated revenue of Rs 950 crore from the saleable area.

In a regulatory filing, Mahindra Lifespace informed that the "company has been appointed as the developer for a redevelopment project in Lokhandwala Complex, Andheri West, Mumbai.

The project offers a Gross Development Value (GDV) of approximately Rs 950 crore, it said, adding that the company has secured four redevelopment projects in Mumbai.

Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of three residential societies together. The project will be developed under Maharashtra's cluster redevelopment policy.

Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace said, This strategic move strengthens our presence in the western suburbs of Mumbai. This project is in a prime location, which is well connected and offers a great lifestyle. It will be a premium development..."  Recently, Mahindra Lifespace reported a consolidated net loss of Rs 22.47 crore for the quarter ended December 31, 2024.

The company had posted a net profit of Rs 50.02 crore in the year-ago period.

Total income jumped to Rs 185.77 crore in the third quarter of this fiscal, from Rs 88.77 crore in the corresponding period of the preceding year.

Total expenses shot up to Rs 200.88 crore from Rs 125.12 crore a year ago.

Mahindra Lifespace is the real estate and infrastructure development business of the Mahindra Group.

The company's development footprint spans 39.44 million square feet (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities.

It also has over 5,000 acres of ongoing and forthcoming projects at its integrated developments / industrial clusters across four locations.