Mahindra Lifespaces to redevelop two societies in Mumbai's Lokhandwala

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Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, said it will redevelop two residential societies in the Lokhandwala Complex, Andheri West, Mumbai, with a gross development value (GDV) of about Rs 1,200 crore.

 

The project will be pursued under the state's cluster redevelopment scheme. The redevelopment site is located 15 minutes from the upcoming Versova-Bandra Sealink, providing connectivity to other parts of the city.

 

As per 99acres, property rates in Lokhandwala are around Rs 38,650 per square foot of carpet area. The rates have appreciated by about 15.4 per cent in the last five years.

 

Amit Kumar Sinha, managing director and chief executive officer, Mahindra Lifespace Developers, said, "This strategic milestone significantly fortifies our presence in Mumbai's western suburbs, a pivotal market for our growth ambitions. We are most excited to leverage our expertise to create an exceptional living experience."

 

The company is redeveloping another cluster of three residential buildings in Borivali, in the Mumbai metropolitan region (MMR), with a GDV of Rs 950 crore.

 

It recently partnered with Livingstone Infra for one more cluster redevelopment project in Mumbai's Mahalaxmi, with a GDV of Rs 1,650 crore.

 

Vimalendra Singh, chief business officer – residential, Mahindra Lifespace Developers, said, “This project is a testament to the trust that customers have placed in Mahindra Lifespaces. They value our proven track record of delivering high-quality living spaces and our commitment to transparency."

 

Earlier, the company’s loss for the third quarter of the financial year 2024–25 (Q3 FY25) widened to Rs 22.5 crore against a loss of Rs 14 crore in Q2 FY25 and a profit of Rs 50 crore in Q3 FY24. The company's pre-sales for the quarter stood at Rs 334 crore, down by 24.61 per cent year-on-year.