Mahindra Lifespace Announces ₹2,050 Crore Projects in Mumbai and Bengaluru

On July 4, 2024, Mahindra Lifespace Developers Limited (MLDL) announced via a stock exchange filing the completion of two significant transactions totalling ₹2,050 crore in Gross Development Value (GDV). These strategic initiatives include securing a third redevelopment project in Mumbai and acquiring a valuable land parcel in Bengaluru, further bolstering the company’s presence in these vibrant real estate markets in India.

In Mumbai’s prestigious Borivali West neighbourhood, Mahindra Lifespaces has been selected as the preferred partner for the redevelopment of seven residential societies. This project is expected to generate approximately ₹1800 crore in Gross Development Value and will be executed under the state’s cluster redevelopment policy.

Additionally, the company has acquired 2.37 acres of land in Singasandra, South Bengaluru, adjacent to its existing Mahindra Zen project, which received significant interest upon its launch. This land is estimated to have a development potential of approximately 0.25 million square feet, with a Gross Development Value of approximately ₹250 crore.

Commenting on this development, the Managing Director and CEO of Mahindra Lifespace Developers Ltd, Amit Kumar Sinha, said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of ₹2,050 crore, mark a significant milestone in our growth trajectory.”

He further added, “Our third redevelopment project in Mumbai, with a GDV of ₹1,800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods. Simultaneously, our ₹250 crore GDV land acquisition in Bengaluru’s Singasandra area positions us to further capitalise 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.”

About Mahindra Lifespace Developers Limited

Mahindra Lifespace Developers Ltd engages in real estate development, focusing on residential facilities and commercial complexes. Through its subsidiary companies, it also participates in infrastructure projects such as developing SEZs (Special Economic Zones) and industrial clusters.

On July 5, 2024, the share price of Mahindra Lifespace Developers Ltd opened at ₹630.00, touching the day’s high at ₹647.00, as of 10:46 AM on the NSE.

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