Mahindra Lifespaces & Livingstone Infra To Redevelop Mahalaxmi for ₹1,650 Crore

Mahindra Lifespace Developers Ltd (MLDL) has announced a cluster redevelopment project in Mahalaxmi, South Mumbai, in partnership with Livingstone Infra Private Ltd (LS). The project has a Gross Development Value (GDV) of ₹1,650 crore and is part of Mahindra Lifespaces’ expansion in Mumbai’s premium real estate segment.

As of February 19, 10:41 AM, Mahindra Lifespace Developers Ltd (MLDL) is trading at ₹351.35, up ₹4.75 (1.37%) today, but down 14.81% over the past month and 42.23% in the past year.

Location and Connectivity

The project is located in Mahalaxmi South Mumbai. It offers connectivity to business districts, essential services, and entertainment hubs. The upcoming Versova-Bandra Sea Link, expected to improve access across the city, is about 15 minutes away from the site.

Focus on Redevelopment

Mahindra Lifespaces’ Managing Director & CEO, Amit Kumar Sinha, stated that the project aligns with the company’s focus on redevelopment in Mumbai. The company plans to incorporate modern residential designs, sustainability features, and premium amenities as part of the project.

This is not Mahindra Lifespaces’ first large redevelopment project in Mumbai. Earlier this year, the company secured a ₹950 crore redevelopment deal for three housing societies in Lokhandwala, Andheri.

Redevelopment in Mumbai

Cluster redevelopment is a process where older, smaller buildings are demolished and replaced with new high-rises under regulatory approvals. Residents of the old buildings receive larger apartments in the new structure for free, while developers sell additional units. The government also benefits by selling the Floor Space Index (FSI) to developers.

In addition to the Mahalaxmi and Andheri projects, Mahindra Lifespaces recently acquired 8.2 acres in North Bengaluru for a housing project worth ₹1,000 crore.

Mahindra Lifespaces 

Mahindra Lifespaces has completed, ongoing, and upcoming residential projects covering 39.44 million sq. ft. across seven cities. It is also involved in developing 5,000 acres of industrial clusters.

The Mahalaxmi redevelopment is part of Mumbai’s broader real estate transformation, as older structures are gradually replaced with new residential developments.

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