Mumbai-based Mahindra Lifespaces, the realty arm of the Mahindra Group, is set to redevelop two residential societies in the western suburb Santacruz, Mumbai. Both projects will be developed on a land parcel of approximately 1.2 acres. The developers believe the project will have a revenue potential of Rs 500 crores. Both parties will execute definitive documents once due diligence is complete. Prime localities in Mumbai city offer little to no scope for green field developments. The housing society redevelopment market is estimated to currently be worth over Rs 30,000 crores.
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Prime localities in Mumbai city offer little to no scope for green field developments. The only viable opportunities for builders are through the process to redevelopment; a market estimated to currently be worth over Rs 30,000 crores. In an interview with ET Realty, Arvind Subramanian, the managing director, and CEO of the company discussed society redevelopment in Mumbai. In his opinion, such redevelopment initiatives pose a great opportunity for reputed real estate developers to make a mark for themselves in fully built-out neighbourhoods.
Mahindra Lifespaces is a subsidiary of the Indian conglomerate Mahindra Group. It is focused on real estate development, specifically in the residential and integrated city development spaces. The company was founded in 1994 and has since developed residential communities, commercial spaces and integrated townships in India. Some of its notable projects include Mahindra World City, an integrated business city in Chennai, and Mahindra Luminaire, a luxury residential project in Gurgaon. The company's mission is to create sustainable, liveable spaces that improve the quality of life for residents.
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