Mahindra Lifespaces Secures ₹950 Crore Redevelopment Project in Lokhandwala, Mumbai

Mumbai, February 3, 2025 – Mahindra Lifespace Developers Limited (NSE: MAHLIFE, BSE: 532313), the real estate arm of the Mahindra Group, has announced its selection as the developer for the redevelopment of three residential societies in Lokhandwala Complex, Andheri West, Mumbai. The project carries an estimated Gross Development Value (GDV) of ₹950 crore.

Key Highlights of the Project​

• Project Scope: Redevelopment of three residential societies under Maharashtra’s cluster redevelopment policy.
• Strategic Location: Situated 15 minutes from the upcoming Versova-Bandra Sea Link, ensuring strong connectivity across Mumbai.
• Market Expansion: Marks Mahindra Lifespaces' fourth redevelopment project in Mumbai, reinforcing its footprint in the city's western suburbs.

Management Commentary​

Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., stated:

"This strategic move strengthens our presence in the western suburbs of Mumbai. This project is in a prime location, which is well connected and offers a great lifestyle. It will be a premium development that will reflect our commitment to sustainable living, modern design, and creating spaces that inspire and elevate everyday life.”

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About Mahindra Lifespaces​

Founded in 1994, Mahindra Lifespaces focuses on sustainable urban development with a diverse portfolio of 39.44 million sq. ft. of completed, ongoing, and upcoming residential projects. The company operates in seven cities and manages 5,000+ acres of integrated developments and industrial clusters.

Commitment to Sustainability​

• Net Zero Commitment: The company has pledged to develop only Net Zero homes from 2030 onwards.
• Green Portfolio: Maintains a 100% green-certified portfolio since 2014.
• Carbon Neutrality Goal: Aims to achieve carbon neutrality by 2040.

Market Impact & Outlook​

The Lokhandwala project is expected to enhance Mahindra Lifespaces' revenue visibility and solidify its position in Mumbai’s competitive redevelopment space. Given the rising demand for premium residential projects in well-connected urban hubs, the company's strategic expansion aligns with its growth trajectory.

Investor Considerations​

• The ₹950 crore GDV strengthens the company's pipeline of high-value projects.
• Enhanced presence in Mumbai’s lucrative redevelopment market.
• Reinforces sustainability-focused business strategy, appealing to ESG-conscious investors.

With this project, Mahindra Lifespaces continues to expand its footprint in Mumbai’s premium real estate market while maintaining a strong focus on sustainability and modern urban living.