Mumbai-based, listed real estate developer Mahindra Lifespace Developers Limited (MLDL) announced on October 10 that it has been selected as the preferred partner for the redevelopment of four residential societies in the Malad West area of Mumbai. The company said that the project offers a development potential of ₹800 crore.
According to the company, the four societies are spread across approximately 1.65 acres.
The company, in a statement, said that the project is located near Mahindra Lifespaces’ ongoing redevelopment project, Mahindra Codename 64, thereby strengthening its presence in the micro-market.
“This project further strengthens our presence in Mumbai’s redevelopment market, reflecting the trust our brand has earned over the years with customers and communities,” said Vimalendra Singh, Chief Business Officer, Residential, Mahindra Lifespace Developers Ltd.
“Our reputation for delivering thoughtfully designed, high-quality homes has made us a preferred choice for societies looking to redevelop. This is also in line with our strategy of deepening presence in established micromarkets, enabling us to leverage economies of scale and enhance project efficiencies,” Singh said.
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According to the company, the project is situated 2.6 km from the Western Express Highway (WEH), and it provides connectivity to key areas of Mumbai via multiple transportation modes. It is conveniently situated less than 1 km from Malad West Metro Station and around 1.5 km from Malad Railway Station.
Mumbai redevelopment race
According to the Knight Frank India report, as many as 44,277 apartments worth ₹1.30 lakh crore are expected to enter Mumbai’s real estate market through the redevelopment segment by 2030. The free-sale component from society redevelopments is projected to generate around ₹7,830 crore in stamp duty and ₹6,525 crore in Goods and Services Tax (GST).
The report stated that the Borivali, Andheri, and Bandra micro-markets emerged as the top three redevelopment hotspots, collectively contributing over 139 acres of activity.