iStockMahindra Lifespaces secures Rs 1,250 cr redevelopment project in Mumbai’s Mulund. (Represetative image)
Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure arm of the Mahindra Group, has secured rights to redevelop a large residential housing society in Mumbai’s eastern suburb Mulund.The redevelopment will be carried out on a 3.08-acre land parcel and has an estimated development value of over Rs 1,250 crore. The project is expected to include a mix of residential units, catering to both the existing society members and new buyers.This is one of the larger redevelopment projects undertaken by Mahindra Lifespaces in Mumbai and is aligned with the company’s continued focus on the residential redevelopment segment.The site is located in proximity to key infrastructure projects, including the upcoming Mumbai Metro line 5, and the Goregaon-Mulund Link Road at a distance of 0.8 km. It also has direct access to the Eastern Express Highway and the Mulund-Airoli Bridge, providing connectivity to Navi Mumbai, South Mumbai, and Thane.According to Vimalendra Singh, Chief Business Officer – Residential at Mahindra Lifespaces, the company’s redevelopment approach is focused on creating value for residents and the city. He added that the Mulund project, with its access to multiple employment and transit nodes, is expected to contribute to the growth of the area.Live EventsThe project adds to Mahindra Lifespaces’ Mumbai portfolio, where the company is also executing redevelopment and greenfield projects. This follows a series of similar society-led redevelopment contracts awarded in the Mumbai Metropolitan Region (MMR), where developers are increasingly looking at infill sites to expand within city limits.Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels. EndsThe redevelopment sector in Mumbai has seen increased activity, especially in eastern and western suburbs, due to constrained land availability and regulatory focus on replacing ageing building stock.(You can now subscribe to our Economic Times WhatsApp channel)
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onMahindra LifespacesMumbai redevelopment projectresidential housing societyredevelopment projects in MumbaiMulund real estateMumbai Metro line 5Propertyinfrastructure projects MumbaiMumbai Metropolitan Regionhousing society rehabilitation(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless