Mahindra Lifespaces, the real estate development arm of the Mahindra Group, has announced two major deals bolstering its presence in key Indian cities. These deals مجتمع (mujtamai – community in Arabic) projects have a combined gross development value (GDV) of ₹2,050 crore.
The first deal pertains to Mumbai, where Mahindra Lifespaces has been selected as the preferred partner for a large-scale redevelopment project in Borivali West. This project encompasses seven residential societies and is estimated to generate a revenue of ₹1,800 crore.
This redevelopment initiative will likely involve tearing down older structures and replacing them with modern apartment buildings, potentially improving the overall infrastructure and aesthetics of the area.
The second deal involves the acquisition of land in Bengaluru. Mahindra Lifespaces purchased a prime 2.37-acre land parcel in Singasandra, strategically located next to their existing Mahindra Zen project.
This land acquisition is expected to generate a revenue of approximately ₹250 crore with a developable potential of 2.5 lakh square feet. The additional land will allow Mahindra Lifespaces to expand its existing project or potentially develop a new residential complex in the area.
Overall, these two deals demonstrate Mahindra Lifespaces’ continued expansion and strategic focus on major Indian real estate markets like Mumbai and Bengaluru. The redevelopment project in Mumbai has the potential to revitalize a residential area, while the land acquisition in Bengaluru allows the company to capitalize on the growing demand for housing in the city.
