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Mahindra Lifespace Developers, a leading real estate and infrastructure development body of Mahindra Group, will revamp two neighboring residential societies in Mumbai’s Santacruz West.
These two residential projects will be developed on approximately 1.27 acres with a revenue potential of about 500 crores.
As per Arvind Subramanian, MD and CEO of Mahindra Group, “Society redevelopment offers an attractive avenue for new real estate growth in fully built-out neighborhoods in Mumbai”.
Redevelopment presents an exciting opportunity for reputable real estate developers, who are anticipated to establish a significant presence in this market over the ensuing years.
Upon completion of due diligence, the company and the two societies will sign the final documents for the redevelopment.
Due to the lack of vacant land parcels, Mumbai has few greenfield development opportunities, particularly in the island city.
Redevelopment offers the only practical opportunity for any new development; this market is thought to be worth more than Rs 30,000 crore.
In the Mumbai Metropolitan Region (MMR), Mahindra Lifespaces has developed over 10.77 million square feet of space.
With over 14,800 satisfied customers across India, it has a total footprint of 32.14 million square feet of completed, ongoing, and upcoming residential projects across seven Indian cities.
Mahindra Lifespaces has completed more than 45 residential projects across 9 cities in India. They have 19.44 million square feet of completed residential development and 12.7 million square feet of ongoing and forthcoming residential projects.