Realty firm Mahindra Lifespace Developers announced on Monday that it has secured a major redevelopment project in Mumbai with an estimated revenue of Rs 950 crore from the saleable area. The company has been appointed as the developer for a prominent project in Lokhandwala Complex, Andheri West, Mumbai, according to a regulatory filing.
The project, offering a Gross Development Value (GDV) of approximately Rs 950 crore, marks one of four redevelopment projects that Mahindra Lifespace has recently secured in Mumbai. The company has also been selected as the preferred partner for the redevelopment of three residential societies jointly. This project will be developed under Maharashtra's cluster redevelopment policy.
Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace, expressed excitement about the strategic move, stating that it strengthens the company's presence in the western suburbs of Mumbai. Sinha highlighted the prime location of the project, emphasizing its connectivity and lifestyle offerings. The development is set to be a premium offering in the market.
In a recent financial report, Mahindra Lifespace reported a consolidated net loss of Rs 22.47 crore for the quarter ended December 31, 2024. This marked a significant shift from the net profit of Rs 50.02 crore posted in the year-ago period. Despite the loss, total income for the third quarter of this fiscal year rose to Rs 185.77 crore from Rs 88.77 crore in the corresponding period of the previous year. Total expenses also increased to Rs 200.88 crore from Rs 125.12 crore a year prior.
Mahindra Lifespace is a key player in the real estate and infrastructure development sector as a part of the Mahindra Group. The company's development footprint spans 39.44 million square feet of completed, ongoing, and forthcoming residential projects across seven major Indian cities. Additionally, it has over 5,000 acres of ongoing and forthcoming projects at integrated developments and industrial clusters in four locations.
