Mahindra Lifespaces has announced two major deals totaling INR 2,050 crore (USD 241 million) to expand in Mumbai and Bengaluru. In Mumbai, they secured a redevelopment project in Borivali West worth INR 1,800 crore (USD 210 million), revitalising seven residential societies. In Bengaluru, they acquired a 2.37-acre land parcel in Singasandra for INR 250 crore (USD 29 million), adjacent to their successful Mahindra Zen project. These strategic moves aim to tap into the robust real estate demand in key Indian cities, enhancing Mahindra Lifespaces' presence and growth in the dynamic urban market.
Mahindra Lifespaces, a real estate developer, has announced two significant deals totaling INR 2,050 crore (USD 241 million). These strategic moves will expand their presence in Mumbai and Bengaluru, highlighting the company's focus on urban renewal and capitalising on strong market demand in key Indian cities.
In Mumbai, Mahindra Lifespaces has secured a redevelopment project involving seven residential societies in the prestigious Borivali West neighbourhood. This project, estimated at INR 1,800 crore (USD 210 million), aligns with the state's cluster redevelopment policy, which aims to revitalise older neighbourhoods by combining smaller land parcels for larger-scale development. This win marks the company's third redevelopment project in Mumbai, demonstrating their commitment to urban renewal by creating value in established areas with a total development potential of approximately 5.1 million square feet.
In the south, Mahindra Lifespaces has acquired a 2.37-acre (9,588 sq m) land parcel in Singasandra, South Bengaluru, for INR 250 crore (USD 29 million). This strategic acquisition sits right next to their existing Mahindra Zen project, which received a positive response from buyers. The newly acquired land is estimated to offer a development potential of approximately 0.25 million square feet (23,225 sq m), with a projected value of INR 250 crore (USD 29 million). This move positions Mahindra Lifespaces to tap into the robust real estate demand currently being witnessed in Bengaluru, a city that registered sales volume of 27,404 units in the first half of 2024 alone.
Commenting on these deals, Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespaces Developers Ltd., emphasised their significance for the company's growth. He stated that these strategic moves in Mumbai and Bengaluru align with their focus on high-potential markets and cater to the diverse needs of urban residents. With a strengthened presence in key cities, Mahindra Lifespaces is poised for sustained growth and value creation in the dynamic Indian real estate sector.
These deals showcase the dual approach Mahindra Lifespaces is taking - urban renewal in established locations like Mumbai and capitalising on the growth potential of emerging areas like Singasandra in Bengaluru. This strategy allows them to cater to a wider range of buyers and contribute to the overall development of Indian cities.
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