Mahindra Lifespaces Launches a Rs. 1,650 crore cluster redevelopment project in South Mumbai. The real estate giant has partnered with Livingstone Infra to launch a premium residential project in Mahalaxmi that features modern design, sustainable elements and top-notch amenities. This strategic move marks Mahindra Lifespaces’ expansion into the luxury real estate market of South Mumbai, which promises superior urban living and connectivity.
Mahindra Lifespace Developers Ltd (MLDL), a listed real estate developer, has announced a new cluster redevelopment project in the upscale Mahalaxmi area of ​​Mumbai. The project is being developed in collaboration with Livingstone Infra Pvt Ltd (LS) and has a gross development value (GDV) of ₹1,650 crore. It was announced on February 18.
The initiative marks a strategic entry for Mahindra Lifespaces into the premium real estate market of south Mumbai. The project aims to create modern residential complexes in line with Mumbai’s urban renewal goals. According to Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespace Developers Ltd, the development will incorporate innovative designs, sustainable practices and high-end amenities that will contribute to the city’s changing skyline.
Mahalaxmi’s location offers a major advantage as it is close to major business hubs, essential services and leisure destinations in south Mumbai. Moreover, the site is just 15 minutes away from the upcoming Versova-Bandra Sealink, which is expected to enhance connectivity across the city.
The project comes after Mahindra Lifespaces recently announced a ₹950 crore deal for redevelopment of three housing societies in Lokhandwala, Andheri on February 3. The company is also expanding in North Bengaluru, where it acquired 8.2 acres of land on January 23 for a ₹1,000 crore residential project.
Understanding Redevelopment
In Maharashtra, redevelopment means replacing old buildings, which are usually two to seven storeys, with modern and bigger buildings. Under this process, residents of old buildings get bigger apartments in the new developments at no cost. Builders make profits by selling the additional units, while the government earns revenue by selling the floor space index (FSI).
