Friday, July 5, 2024

Mahindra Lifespaces Closes Deals Worth Rs 2050 Crore, Strengthening Presence In Key Markets

* Secures third redevelopment project in Mumbai with a GDV potential of Rs 1800 crore

* Acquires land parcel in Bengaluru's Singasandra with a GDV potential of Rs 250 crore

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, today announced the closure of two deals aggregating to Rs 2050 crore in Gross Development Value (GDV). These strategic moves include securing a third redevelopment project in Mumbai and acquiring a prime land parcel in Bengaluru, further strengthening the Company's foothold in two of India's most dynamic real estate markets.

Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in prestigious Borivali West, Mumbai neighborhood. This project offers an estimated Gross Development Value of approximately Rs 1800 crore. The project will be developed under state’s cluster redevelopment policy.

The Company has recently acquired 2.37 acres of land in Singasandra, South Bengaluru, located next to its existing Mahindra Zen project, which received a stupendous response at launch. The land is estimated to have a developable potential of approximately 0.25 million square feet, with a Gross Development Value of around INR 250 crore.

Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of ?2050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of ?1800 crore, reinforces our commitment to urban renewal by creating value in established neighborhoods. Simultaneously, our ?250 crore GDV land acquisition in Bengaluru's Singasandra area positions us to further capitalize on the city's robust real estate demand. Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces' dedication to delivering quality living spaces across diverse urban landscapes. As we strengthen our presence in key markets, we remain poised for sustained growth and value creation in India's dynamic real estate sector.”

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