Real estate developer Mahindra Lifespaces announced on February 3 that it has secured a 950-crore deal to redevelop three housing societies in Lokhandwala, Andheri, Mumbai.
The company said this is a strategic move, and it has now secured a fourth redevelopment project in Mumbai.
The project will be developed under Maharashtra’s cluster redevelopment policy. According to the company’s statement, it is located 15 minutes from the upcoming Versova-Bandra Sealink, which will provide improved connectivity to other parts of the city.
“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 reflecting our commitment to sustainable living, modern design, and creating spaces that inspire and elevate everyday life,” said Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespace Developers Ltd.
What is redevelopment?
In Maharashtra, several old buildings, especially those comprising two to seven storeys, are being redeveloped.
The redevelopment of housing projects involves demolishing and replacing old structures with modern, bigger buildings subject to various norms. Residents in old buildings get larger apartments in the newer building for free, as the builder sells a certain number of apartments in the new building for a profit. The government, too, earns revenue by selling the floor space index (FSI) to the builder.
On January 23, the company announced that it was acquiring 8.2 acres of land in North Bengaluru to develop a housing project worth ₹1000 crore.
“The land has a developable potential of approximately 0.9 million (9 lakh) square feet of saleable area and a projected Gross Development Value (GDV) of almost ₹1,000 crore,” the company had said in a regulatory filing.
Mahindra Lifespaces plans to launch the project within the next nine months. The project will include mid-premium residential apartments.