Mahindra Lifespaces to Redevelop Mulund Housing Project with ₹1,250 Cr Revenue Potential

Mahindra Lifespaces Developers Ltd (MLDL), a listed real estate company under the Mahindra Group, has announced its appointment as the preferred developer for the redevelopment of a residential housing society located in Mulund West, Mumbai. The project is expected to generate a revenue of approximately ₹1,250 crore upon completion.

The announcement was made through a regulatory filing. According to Mahindra Lifespaces, the housing society selected for redevelopment spans a 3.08-acre land parcel situated in a locality that is currently witnessing growing infrastructure development. The site is located near the upcoming Mumbai Metro Line 5 and within a kilometre from the Goregaon-Mulund Link Road. It also connects efficiently to key arterial routes such as the Eastern Express Highway and the Mulund-Airoli Bridge.

As stated in the filing, the redevelopment project aligns with Mahindra Lifespaces’ ongoing strategy of pursuing select projects in Mumbai’s infill and brownfield locations. Over the last five months, the company has disclosed several such projects with a total estimated development value nearing ₹5,000 crore across different suburbs and central parts of Mumbai.

The Mulund West redevelopment is the latest addition to this expansion roadmap. The company previously secured projects in Andheri West involving five housing societies with an estimated development value of over ₹2,150 crore, and a large-scale cluster redevelopment project in Mahalaxmi, central Mumbai, with a potential value of ₹1,650 crore.

In terms of accessibility, the Mulund site offers connectivity to multiple employment centres in South Mumbai, Thane, and Navi Mumbai. The location’s proximity to under-construction transit infrastructure is likely to improve future commute times. According to Mahindra Lifespaces, this connectivity will support the redevelopment project’s value proposition for prospective homebuyers.

Mahindra Lifespaces has outlined a development model based on value creation for both residents and city stakeholders. According to its internal statements, the company follows a framework that includes design consistency, execution reliability, and integration of sustainability elements. The company has previously applied this framework in other Mumbai redevelopment sites, including those in Dahisar, Goregaon, and Sion.

Local property market sources estimate the average selling price of residential apartments in the Mulund West area to range between ₹20,000 and ₹30,000 per square foot, depending on unit type, amenities, and floor height. Given the total area and the estimated development value, the Mulund redevelopment may bring mid-to-high income housing supply to the market, subject to final configurations and approvals.

Mahindra Lifespaces is also undergoing a larger business realignment. In the company’s recent earnings call for the fourth quarter of FY25, its Managing Director and CEO Amit Sinha outlined a transition away from the affordable housing segment. According to him, the company plans to phase out all affordable housing inventory by FY30. Going forward, the company’s primary focus will be on the premium and mid-premium residential markets.

Sinha also explained that the pricing thresholds defining “premium” differ across locations. In cities like Mumbai and Delhi NCR, units priced above ₹1 crore and up to ₹10 crore fall within the premium bracket. For Bengaluru and Pune, a mid-premium and premium classification ranges between ₹1 crore and ₹5 crore. The Mulund redevelopment project is expected to cater to this pricing category based on regional benchmarks.

The shift towards premium residential development is aimed at optimizing margins and aligning with demand from homebuyers in urban centres. The company has noted that its affordable housing ventures have not delivered anticipated outcomes, prompting a measured withdrawal from that segment. However, Mahindra Lifespaces confirmed that it will complete all ongoing affordable projects and fulfil existing customer commitments before the formal exit.

In recent quarters, Mahindra Lifespaces has maintained a portfolio mix that includes redevelopment, plotted developments, and large township projects. While the company has executed several projects across major metros, its redevelopment business—especially in Mumbai—has become a core part of its growth strategy due to the space constraints in the city and the aging residential stock.

With the Mulund redevelopment added to its pipeline, Mahindra Lifespaces is expected to consolidate its position in Mumbai’s redevelopment market. The project is pending further design finalization, municipal clearances, and society-level formal agreements, which typically precede construction initiation in such schemes.

As of now, no project launch timeline or construction commencement date has been disclosed by the developer. The firm’s regulatory filing indicates that more details regarding design, phasing, and marketing may be shared after internal assessments and necessary approvals.

The redevelopment market in Mumbai has seen increased participation from large real estate companies in recent years, as land scarcity and high land costs make greenfield developments less viable. This has led developers like Mahindra Lifespaces, Godrej Properties, and Prestige Group to explore structured society redevelopments as part of their long-term expansion plans.

The Mulund project reflects this trend and may further contribute to the transformation of Mumbai’s suburban residential landscape in the coming years.