Mahindra Lifespace Developers Ltd. has been appointed as the preferred partner for the redevelopment of two residential societies in Mumbai's Andheri West with a project value of approximately Rs 1,200 crore.
The company will redevelop two residential societies in the Lokhandwala Complex. The project will be pursued under the state's cluster development scheme, according to an exchange filing on Wednesday.
The redevelopment site is strategically located 15 minutes from the upcoming Versova-Bandra Sea Link, providing excellent connectivity to other parts of the city, the company said.
"This strategic milestone significantly fortifies our presence in Mumbai's western suburbs, a pivotal market for our growth ambitions. We are most excited to leverage our expertise to create an exceptional living experience," Amit Sinha, chief executive officer of Mahindra Lifespace Developers Ltd., said.
Shares of Mahindra Lifespace Developers closed 0.94% higher at Rs 305.20 apiece, compared to a 0.72% advance in the benchmark Nifty. The share price has fallen 51.08% in the last 12 months.
Six out of the seven analysts tracking the company have a 'buy' rating on the stock, while one recommends a 'hold', according to Bloomberg data.
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