Mahindra Lifespaces Secures Rs 950 Crore Redevelopment Deal In Mumbai

Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the Mahindra Group, has announced a new redevelopment project in Lokhandwala Complex, Andheri West, Mumbai. The project, valued at approximately Rs 950 crore, marks the company's fourth redevelopment venture in Mumbai.

Mahindra Lifespaces has been selected as the preferred developer for the redevelopment of three residential societies in Lokhandwala.

The project will be executed under the state's cluster redevelopment policy, which aims to rejuvenate older residential areas with modern infrastructure and amenities. The location is 15 minutes away from the upcoming Versova-Bandra Sealink.

This redevelopment deal is a significant addition to Mahindra Lifespaces' portfolio, reinforcing its presence in Mumbai's real estate market. The project is expected to generate a Gross Development Value of Rs 950 crore, contributing to the company's growth and expansion plans.

Mahindra Lifespace Developers' development footprint spans 39.44 million sq. ft. of completed, ongoing, and forthcoming residential projects across seven Indian cities. Additionally, Mahindra Lifespaces manages over 5,000 acres of integrated developments and industrial clusters in four locations.

The company's portfolio includes premium residential projects, value homes under the 'Mahindra Happinest' brand, and integrated cities and industrial clusters under the 'Mahindra World City' and 'Origins by Mahindra' brands.

Founded in 1945, the Mahindra Group is a multinational federation of companies with 260,000 employees in over 100 countries.

Mahindra Lifespace Developers share price fell as much as 2.90% to Rs 393.05 apiece. It pared losses to trade 2.48% lower at Rs 394 apiece, as of 02:48 p.m. This compares to a 0.51% decline in the NSE Nifty 50 index.

The stock has risen 30.54% in the last 12 months. The relative strength index was at 37.

Out of seven analysts tracking the company, six maintain a 'buy' rating, and one recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 62%