Mahindra Lifespaces Developers Limited (MLDL) has announced its latest venture in the Mumbai real estate market. On June 27, the company confirmed its appointment as the preferred developer for the redevelopment of a premium housing society located in the upscale Mulund West area. With an expected revenue potential of ₹1,250 crore, this redevelopment project is poised to be a significant addition to Mumbai’s growing residential landscape.
Project Overview:
The project is located on a 3.08-acre plot in Mulund West, Mumbai. The expected development value is ₹1,250 crore, highlighting its scale and potential. The site benefits from excellent connectivity, making it an attractive option for homebuyers and investors alike. The upcoming Mumbai Metro Line 5 is just 1.4 km away, while the Goregaon-Mulund Link Road is only 0.8 km from the site. Additionally, the Eastern Express Highway and Mulund-Airoli Bridge ensure seamless access to key business hubs in South Mumbai, Navi Mumbai, and Thane.
Vimalendra Singh, the Chief Business Officer of Residential at Mahindra Lifespace Developers Ltd., expressed the company’s commitment to creating value for both the residents and the city. He added, “We aim to blend design excellence with sustainability and on-time delivery. With robust connectivity and access to employment hubs, this project is poised to be a key contributor to the area’s continued growth story.”
Key Features of the Redevelopment Project:
- Location: Mulund West, Mumbai
- Area: 3.08 acres
- Revenue Potential: ₹1,250 crore
- Connectivity: 1.4 km from Mumbai Metro Line 5, 0.8 km from Goregaon-Mulund Link Road, easy access to Eastern Express Highway and Mulund-Airoli Bridge
- Market Focus: Premium housing segment with prices ranging from ₹20,000 to ₹30,000 per sq ft in Mulund
Upcoming Redevelopment Initiatives by Mahindra Lifespaces:
- In the past five months, Mahindra Lifespaces has announced redevelopment projects with a cumulative value of close to ₹5,000 crore.
- These include a high-value redevelopment project in Mahalaxmi with a GDV of ₹1,650 crore and five redevelopment projects in Andheri West with an estimated value of ₹2,150 crore.
Mahindra Lifespaces’ Shift to Premium Segment:
The company has also revealed its strategy to focus exclusively on the premium housing segment. By FY30, Mahindra Lifespaces plans to exit the affordable housing market, having faced challenges in this segment. The company will focus on properties priced between ₹1 crore and ₹10 crores in major cities like Mumbai and NCR, with an emphasis on mid-premium to premium categories in cities such as Pune and Bengaluru.
Amit Sinha, MD and CEO of Mahindra Lifespaces, explained the shift, saying, “Affordable has not done well for us, and that is something we want to sunset over a period of time. We have to fulfil our customer commitments, which we will do over time.”
Summary Table:
| Aspect | Details |
|---|---|
| Project Location | Mulund West, Mumbai |
| Land Area | 3.08 acres |
| Estimated Development Value | ₹1,250 crore |
| Connectivity | 1.4 km from Mumbai Metro Line 5, 0.8 km from Goregaon-Mulund Link Road |
| Target Market | Premium housing |
| Price Range (per sq ft) | ₹20,000 – ₹30,000 |
Official Quotes:
- “At Mahindra Lifespaces, our redevelopment philosophy centres around creating value for residents and the city. We aim to blend design excellence with sustainability and on-time delivery.” – Vimalendra Singh, Chief Business Officer, Residential, Mahindra Lifespace Developers Ltd.
- “We focus on premium. Premium is defined as more than ₹1 crore to ₹10 crores in NCR and Mumbai. Affordable has not done well for us, and that is something we want to sunset over a period of time.” – Amit Sinha, MD and CEO, Mahindra Lifespaces
FAQ Section:
Q1: What is the total revenue potential of Mahindra Lifespaces’ redevelopment project in Mulund?
A1: The total revenue potential of the project is approximately ₹1,250 crore.
Q2: How large is the land parcel for the Mulund redevelopment?
A2: The redevelopment is situated on a 3.08-acre land parcel in Mulund West, Mumbai.
Q3: What makes the location of this project ideal for buyers?
A3: The project benefits from excellent connectivity, being close to the upcoming Mumbai Metro Line 5, Goregaon-Mulund Link Road, and key roads like the Eastern Express Highway and Mulund-Airoli Bridge, offering seamless access to business hubs in South Mumbai, Navi Mumbai, and Thane.
Q4: How does Mahindra Lifespaces plan to shift its focus in the coming years?
A4: By FY30, Mahindra Lifespaces intends to exit the affordable housing segment and focus on the premium housing market, particularly properties priced between ₹1 crore and ₹10 crores in cities like Mumbai, NCR, Pune, and Bengaluru.
Q5: What other redevelopment projects has Mahindra Lifespaces undertaken recently?
A5: In the past five months, the company has announced multiple redevelopment projects, including a ₹1,650 crore project in Mahalaxmi and five projects in Andheri West with an estimated value of ₹2,150 crore.