The Mahindra Group’s real estate and infrastructure development division, Mahindra Lifespace Developers, will redevelop two adjacent residential societies in Santacruz West, Mumbai.
The project has a potential revenue of about Rs 500 crore and will be built on a plot of land covering around 1.27 acres.
Arvind Subramanian, managing director and CEO of the company, said, “Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. We foresee redevelopment as an exciting opportunity for reputed real estate developers expect to build a meaningful presence in this space over the coming years.”
After completing the due diligence process, the company and the two societies will sign definitive documents.
Due to the absence of vacant land parcels, especially in the island city, Mumbai has limited possibilities for greenfield development. The only realistic possibility for any new development is through redevelopment, a market with an estimated value of more than Rs 30,000 crore.