Earlier, in January 2023, the company had won its first society redevelopment project in Mumbai’s Santacruz West, Mumbai. At that time, the project had a revenue potential of Rs 500 crore.
Real estate and infrastructure development business Mahindra Lifespaces on Monday informed that it has bagged a project to redevelop a residential society situated at Malad, (West), Mumbai. The project holds a revenue potential of Rs 850 crore.
Commenting on the company’s second redevelopment project, Director Amit Sinha said, “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,” he added.
Earlier, in January 2023, the company had won its first society redevelopment project in Mumbai’s Santacruz West, Mumbai. At that time, the project had a revenue potential of Rs 500 crore.
On April 5, the company announced that its joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for around 52 acres of land at its industrial cluster in Chennai - Origins by Mahindra.
Mahindra Lifespaces develops integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands. The company has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region and delivered homes to more than 15,000 customers across India.
The real estate company has an overall footprint spanning 32.97 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities.
The shares of Mahindra Lifespaces ended 1.5 percent higher at Rs 373 per share.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!