Mahindra Lifespaces Developers Limited, the real estate and infrastructure development arm of the Mahindra Group, on January 18, 2023, announced its foray into the society redevelopment in Mumbai. The real estate company has been selected to redevelop two adjacent residential societies in Santacruz West, Mumbai. Mahindra Lifespaces and the two societies will execute definitive documents upon completion of due diligence. The project is expected to offer the company a revenue potential of around Rs 500 crore.
Arvind Subramanian, managing director and CEO, Mahindra Lifespaces, said, “Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. It enables homeowners in existing properties to upgrade to bigger and better homes that are equipped with world-class amenities and contemporary features. We foresee redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces and expect to build a meaningful presence in this space over the coming years.”
