Mahindra Lifespaces has secured a redevelopment contract worth ₹950 crore for three housing societies in Mumbai’s Lokhandwala area, the real estate developer announced on Feb. 3.
As published by Hindustan Times, The project, located in Andheri, marks the company’s fourth redevelopment venture in the city.
The redevelopment will be carried out under Maharashtra’s cluster redevelopment policy. The site is about 15 minutes from the upcoming Versova-Bandra Sea Link, which is expected to enhance connectivity across the city.
“This strategic move strengthens our presence in Mumbai’s western suburbs. The project is in a prime location, offering a well-connected and high-quality lifestyle. It will be a premium development that aligns with our commitment to sustainable living, modern design, and creating inspiring spaces,” said Amit Kumar Sinha, managing director and CEO of Mahindra Lifespace Developers Ltd.
Redevelopment in Maharashtra involves demolishing older structures, typically two to seven stories high, and constructing modern buildings with larger living spaces. Existing residents receive upgraded apartments at no cost, while developers generate revenue by selling additional units. The government also benefits by selling floor space index (FSI) to builders.
The latest Mumbai project follows Mahindra Lifespaces’ announcement on Jan. 23 that it had acquired 8.2 acres of land in North Bengaluru for a residential development valued at ₹1,000 crore.
According to a regulatory filing, the land offers approximately 0.9 million (9 lakh) square feet of saleable area, with an expected Gross Development Value (GDV) of nearly ₹1,000 crore. The company plans to launch the project within nine months, featuring mid-premium residential apartments.