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Mahindra Lifespaces has been selected to redevelop a residential cluster in Matunga (West), Mumbai. The project covers nearly 1.53 acres and carries a gross development value of about INR 1,010 crore. It will replace the old housing structures with upgraded homes, improved infrastructure and modern community amenities. The redevelopment also aligns with the company's plan to scale its Mumbai Metropolitan Region portfolio, as it aims to increase new launches and redevelopment work over the next few years. The project reflects the wider demand for society-redevelopment in Mumbai's older localities.
Mahindra Lifespaces has been chosen to undertake the redevelopment of a residential cluster in Matunga (West), Mumbai. The project spans around 1.53 acres and has an estimated gross development value of about INR 1,010 crore. It involves rebuilding the ageing structures into a contemporary residential development with better layout planning, upgraded facilities and more efficient use of space. The project will also include enhanced common areas and amenities that align with current urban housing standards. Advertisement
The company has been steadily strengthening its portfolio across Mumbai and the wider Mumbai Metropolitan Region. Its recent updates to investors indicated that new launches are expected to form a major share of its execution pipeline in the coming years, rising from about INR 2,804 crore in FY25 to nearly INR 9,500 crore by FY30. This redevelopment addition fits into that roadmap and supports its focus on city-based projects where older buildings require full reconstruction.
Redevelopment has been gaining momentum in Mumbai due to limited vacant land and the growing need to replace ageing residential blocks. Many societies across established neighbourhoods have been opting for redevelopment to improve safety, increase usable space and upgrade outdated structures. Matunga, known for its residential communities and central connectivity, has seen active interest from multiple developers in recent years, making this project part of a broader shift in the locality's housing landscape.
Source PTI
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