Construction Industry News
Mahindra Lifespace Developers (MLDL) today announced the completion of two deals totaling Rs 2050 crore in Gross Development Value (GDV). These strategic moves involve securing a third redevelopment project in Mumbai and acquiring a prime land parcel in Bengaluru, further bolstering the company’s presence in two of India’s most dynamic real estate markets.
Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in prestigious Borivali West, Mumbai neighborhood. This project offers an estimated gross development value of approximately Rs 1800 crore. The project will be developed under state’s cluster redevelopment policy.
The Company has recently acquired 2.37 acres of land in Singasandra, South Bengaluru, located next to its existing Mahindra Zen project, which received a stupendous response at launch. The land is estimated to have a developable potential of approximately 0.25 million sq-ft, with a gross development value of around Rs 250 crore.
Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of Rs 2050 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 neighborhoods. Simultaneously, our Rs 250 crore GDV land acquisition in Bengaluru’s Singasandra area positions us to further capitalize 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.”
