NEW DELHI, Feb 3:
Mahindra Lifespace Developers has announced a new redevelopment project in Mumbai, projecting an estimated revenue of Rs 950 crore from the saleable area.
According to a regulatory disclosure, Mahindra Lifespace has been appointed as the developer for a redevelopment initiative in Lokhandwala Complex, Andheri West, Mumbai.
This endeavor holds a Gross Development Value (GDV) of around Rs 950 crore, with the company having secured four redevelopment projects in Mumbai.
Mahindra Lifespaces has been selected as the preferred partner for the redevelopment of three residential societies collectively, under Maharashtra’s cluster redevelopment policy.
Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace, stated, “This strategic initiative enhances our footprint in the western suburbs of Mumbai. The project is situated in a prime area, which is well-connected and offers an excellent lifestyle. It will be a premium development…”
Recently, Mahindra Lifespace reported a consolidated net loss of Rs 22.47 crore for the quarter ending December 31, 2024.
This is a decrease from a net profit of Rs 50.02 crore reported in the same quarter last year.
However, total income surged to Rs 185.77 crore in the third quarter of the current fiscal year, up from Rs 88.77 crore during the corresponding period of the previous year.
Total expenses rose to Rs 200.88 crore, compared to Rs 125.12 crore a year earlier.
Mahindra Lifespace serves as the real estate and infrastructure development division of the Mahindra Group.
The company has a development portfolio covering 39.44 million square feet (saleable area) through completed, ongoing, and upcoming residential projects across seven Indian cities.
Additionally, it boasts over 5,000 acres dedicated to ongoing and upcoming projects within its integrated developments and industrial clusters across four locations. (PTI)
