Mahindra Lifespaces to redevelop Chembur societies worth ₹1,700 crore

Mahindra Lifespaces to redevelop two housing societies in Chembur with Rs 1,700 crore potential, strengthening its Mumbai redevelopment pipeline

Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure arm of the Mahindra Group, has been selected as the partner for two society redevelopment projects in Chembur, Mumbai. The projects, spread across 2.6 acres and 1.8 acres, carry a combined development potential of about Rs 1,700 crore.

 

According to the company, the redevelopment will deliver modern, sustainable homes with improved amenities and connectivity. “Redevelopment continues to play an important role in our growth journey. It enables us to bring high-quality residential projects to neighbourhoods where demand remains strong. We are grateful for the trust the societies have placed in us, and through this project, we look forward to contributing to the growth story of Chembur,” said Vimalendra Singh, chief business officer, residential, MLDL.

 

Chembur, known for its location linking the city’s business districts with the eastern suburbs, is expected to gain further from recent regulatory changes permitting higher redevelopment potential. The projects are located 1.5 km from the Eastern Freeway, offering access to Thane, Navi Mumbai and other parts of the city. Connectivity will be boosted by the upcoming Diamond Garden Metro Station on Line 2, along with nearby Monorail and Railway networks. Business hubs such as BKC and Powai are also within easy reach, MLDL noted.

 

The Chembur projects add to MLDL’s growing redevelopment portfolio in Mumbai. In June, the company was appointed for the redevelopment of a housing society in Mulund (West) with an estimated potential of Rs 1,250 crore.

 

Earlier in April, it was chosen for two residential societies in the Lokhandwala Complex, Andheri West, valued at around Rs 1,200 crore. In February, it secured a redevelopment project worth Rs 950 crore in the same area, and also partnered with Livingstone Infra for a cluster redevelopment in Mahalaxmi with a gross development value of Rs 1,650 crore.

 

Mumbai’s society redevelopment market has been expanding rapidly. Across the MCGM region, ongoing projects are expected to add 44,277 new homes as free-sale components worth Rs 1.31 trillion by 2030, according to Knight Frank India.