Mahindra Lifespace Developers Ltd (MLDL) saw its shares rise more than 3% after the company announced that it had been chosen as the partner for the redevelopment of two housing societies in Chembur, Mumbai. Together, the projects carry a gross development value (GDV) of approximately ₹1,700 crore.
The redevelopment spans two society plots in the Diamond Garden locality, covering about 2.6 acres and 1.8 acres. Once completed, the projects will deliver modern residential homes designed with a focus on sustainability, premium amenities, and enhanced connectivity.
The Chembur projects enjoy a strategic location advantage, with proximity to the Eastern Freeway, the upcoming Diamond Garden Metro Station on Metro Line 2, and strong connectivity to key commercial hubs such as Bandra-Kurla Complex (BKC) and Powai.
Commenting on the development, Vimalendra Singh, Chief Business Officer – Residential, Mahindra Lifespaces, said: “Redevelopment continues to be a key growth driver for us, and we remain committed to bringing high-quality, sustainable residential projects to neighborhoods with strong housing demand.”
Founded in 1994, Mahindra Lifespaces has established itself as one of India’s leading real estate developers with a footprint of 49.26 million sq. ft. across seven cities. Its portfolio includes premium residential projects, affordable housing under the ‘Mahindra Happinest’ brand, and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands.
The company is also a pioneer in sustainable real estate, having pledged to build only Net Zero homes from 2030 onwards. Mahindra Lifespaces is further working toward achieving complete carbon neutrality by 2040.
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