July 4, 2024: Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, today announced the closure of two deals aggregating to Rs 2,050 crore in Gross Development Value (GDV). These deals include securing a third redevelopment project in Mumbai and acquiring a prime land parcel in Bangalore, strengthening the company’s foothold in these two real estate markets.
Mahindra Lifespaces has been chosen as the partner for the redevelopment of seven residential societies in Mumbai’s Borivali West neighbourhood. This project offers an estimated GDV of approximately Rs 1,800 crore. The project will be developed under the state’s cluster redevelopment policy.
The company has also recently acquired 2.37 acre of land in Singasandra, South Bangalore, located next to its existing Mahindra Zen project. The land is estimated to have a developable potential of approximately 0.25 million square foot (msf), with a GDV of around Rs 250 crore.
Amit Kumar Sinha, managing director and CEO, Mahindra Lifespace Developers, said, “These strategic moves in Mumbai and Bangalore, with a combined GDV potential of Rs 2,050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of Rs 1800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods. Simultaneously, our Rs 250 crore GDV land acquisition in Bangalore’s Singasandra area positions us to further capitalise on the city’s robust real estate demand. Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces’ dedication to delivering quality living spaces across diverse urban landscapes. As we strengthen our presence in key markets, we remain poised for sustained growth and value creation in India’s dynamic real estate sector.”
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