Mumbai Redevelopment News: The project by Mahindra Lifespaces is located in the premium Mahalaxmi neighborhood, one of South Mumbai's most sought-after localities.
On February 18, the publicly listed real estate developer Mahindra Lifespaces Developers Limited (MLDL) declared that it collaborated with Livingstone Infra Private Limited (LS) on a cluster redevelopment project in Mahalaxmi, Mumbai. The project is worth ₹1650 crore in gross development value (GDV).
A recent Hindustan Times report says that Mahindra Lifespaces' latest redevelopment project marks a major entry into South Mumbai's upscale real estate sector. The new project strives to encourage the city's urban a new beginning with a focus on contemporary architecture, sustainability, and first-rate amenities. In addition to providing residents with an opulent and progressive living environment, the reconstruction would improve Mumbai's skyline, according to Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers Ltd.
The project has an exceptional location in one of South Mumbai's most sought-after areas, the affluent Mahalaxmi area. Excellent connectivity is provided here, making it simple to reach the city's main business centers, basic amenities, and recreational attractions.
Mahindra Lifespaces announced separately on February 3 that it has negotiated a ₹950 crore deal for the redevelopment of three residential societies in the Andheri neighborhood of Lokhandwala. This project will be built under Maharashtra's cluster redevelopment program, and it will profit from being close to the Versova-Bandra Sea Link, which will greatly improve citywide connectivity.
Mahindra Lifespaces strengthened its strong grip in the real estate sector earlier in January when it announced that it would acquire 8.2 acres of property in North Bengaluru to build a housing project worth ₹1000 crore.
What is redevelopment?
Many old properties in Maharashtra are undergoing reconstruction, particularly those with two to seven floors.
When housing projects are redeveloped, older buildings are demolished and replaced with larger, more contemporary constructions that adhere to several regulations. Because the builder sells a set number of units in the new building for profit, residents in older buildings receive larger apartments in the newer structure for free. By selling the floor space index (FSI) to the builder, the government also makes money.