Mahindra Lifespaces shares rise after realty firm bags Rs 850 crore redevelopment project in Mumbai

Mahindra Lifespace Developers shares gained three per cent on Tuesday, after the company said it had bagged a bid for a society redevelopment project in Mumbai. 

According to a statement, Mahindra Lifespaces, the real estate and infrastructure development arm of the Mahindra Group, has been selected as the preferred partner to redevelop a residential society in Malad, West, one of the prominent residential and commercial localities situated in the western part of Mumbai. The project will offer Mahindra Lifespaces a revenue potential of around Rs 850 crore. 

“We are happy to announce this addition to our society redevelopment portfolio. We foresee society redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces. In a city like Mumbai, with few prospects for greenfield construction due to a scarcity of vacant land parcels, redevelopment offers an exciting route for growth while enabling existing property owners to upgrade to larger, better residences with modern facilities," said Amit Sinha, Director and board member, Mahindra Lifespace Developers. 

"We at Mahindra Lifespaces will continue to evaluate more such opportunities to grow our residential portfolio in Mumbai," he said. 

The company had won a society redevelopment project in Mumbai’s Santacruz West, Mumbai with a revenue potential of Rs 500 crore in January.

Mahindra Lifespaces has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region, according to the statement.

On April 5, 2023, the company's joint venture, Mahindra Industrial Park Chennai, executed a lease agreement with Mitsubishi Electric India for around 52 acres of land at its industrial cluster in Chennai. 

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