Mahindra Lifespace Secures ₹950 Crore Redevelopment Project in Mumbai’s Lokhandwala Complex
Mumbai, Mahindra Lifespace Developers has announced the acquisition of a ₹950 crore redevelopment project in the Lokhandwala Complex, located in Andheri West. This project, under Maharashtra’s cluster redevelopment policy, offers a Gross Development Value (GDV) of ₹950 crore and further strengthens Mahindra Lifespace’s position in the high-demand western suburbs of Mumbai.
The company has been appointed as the developer for the redevelopment of three residential societies in the area, marking its fourth such project in Mumbai. The announcement is not just a testament to Mahindra Lifespace’s growing footprint in the city but also highlights the company’s commitment to transforming the urban landscape with its high-quality, sustainable developments. Amit Kumar Sinha, the Managing Director & CEO of Mahindra Lifespace, emphasised the strategic importance of the project. “This redevelopment project is a key milestone for us as it allows us to strengthen our presence in a prime location in Mumbai,” Sinha said. “Lokhandwala is a highly sought-after neighbourhood, well-connected to other parts of the city, making it an ideal location for a premium development that will cater to the growing demand for high-end residential properties.”
The redevelopment will provide a mix of modern amenities and sophisticated lifestyle options, in line with Mahindra Lifespace’s philosophy of creating sustainable, people-centric communities. Given the prime location in Andheri West, the project will appeal to homebuyers seeking both comfort and convenience, with easy access to essential services, schools, hospitals, and transport links. This redevelopment initiative adds to the growing list of high-profile projects Mahindra Lifespace is undertaking across India. The company already has a diverse portfolio, spanning 39.44 million square feet of residential space, with over 5,000 acres dedicated to integrated developments and industrial clusters across multiple cities. With each project, Mahindra Lifespace aims to create well-connected, vibrant communities that contribute to the sustainable growth of urban spaces.
The company’s focus on redevelopment aligns with the state’s cluster redevelopment policy, which is designed to rejuvenate and optimise underutilised land, helping to address the housing shortage in major cities like Mumbai. This initiative allows Mahindra Lifespace to breathe new life into established areas, making them more accessible and attractive to modern residents. Despite reporting a consolidated net loss of ₹22.47 crore for the quarter ending December 31, 2024—compared to a net profit of ₹50.02 crore in the same period the previous year—Mahindra Lifespace remains on a strong growth trajectory. The company saw a substantial increase in total income, which rose from ₹88.77 crore to ₹185.77 crore year-on-year. However, total expenses also increased, rising to ₹200.88 crore from ₹125.12 crore.
Despite the short-term setback, Mahindra Lifespace’s long-term outlook remains positive, particularly with major projects like the Lokhandwala redevelopment bolstering the company’s future revenue potential. The firm continues to focus on residential and mixed-use developments, with an eye on creating spaces that resonate with today’s urban lifestyle. The ₹950 crore redevelopment project in Mumbai’s Lokhandwala Complex is a testament to Mahindra Lifespace’s commitment to enhancing its presence in the competitive Mumbai real estate market. With the addition of this project, the company continues to build on its reputation for delivering premium, sustainable living spaces. As Mumbai’s urban landscape continues to evolve, Mahindra Lifespace’s strategic moves are poised to make a lasting impact on the city’s growth and development.
