Mahindra Lifespaces to Redevelop Three Housing Societies in Mumbai's Lokhandwala: A ₹950 Crore Project

Mahindra Lifespaces, a leading real estate developer, has secured a significant deal worth ₹950 crore to redevelop three old housing societies in the vibrant Lokhandwala area of Mumbai's Andheri. This marks the company's fourth redevelopment project in the city, showcasing their growing presence in Mumbai's western suburbs.

The project will take place under Maharashtra’s cluster redevelopment policy, which aims to replace outdated, smaller buildings with modern, more spacious ones. Located just a 15-minute drive from the upcoming Versova-Bandra Sealink, this project will benefit from improved connectivity, making it even more appealing for future residents. The sealink is expected to provide smoother access to various parts of the city, further enhancing the area’s attractiveness.

What Does This Redevelopment Project Entail?

In simple terms, redevelopment means taking older, less efficient buildings and replacing them with larger, modern structures. Often, the older buildings are low-rise (about two to seven stories) and lack the amenities and space people are looking for in today’s urban living. So, developers like Mahindra Lifespaces tear these down and build new, taller buildings in their place.

For residents, the redevelopment is a win-win. They get bigger, more modern apartments in the new buildings, and all of this comes at no extra cost to them. However, the builder does make money by selling some of the new apartments to others. Additionally, the government benefits by selling something called Floor Space Index (FSI), which allows developers to build taller structures.

In this case, Mahindra Lifespaces has strategically chosen the Lokhandwala area, a sought-after neighborhood in Andheri, Mumbai. The location is ideal due to its proximity to both commercial centers and residential hubs, making it a perfect blend of convenience and comfort.

Why is This Project Important?

Amit Kumar Sinha, the Managing Director and CEO of Mahindra Lifespace Developers Ltd., spoke about the significance of the project, emphasizing how it strengthens the company’s footprint in the western suburbs of Mumbai. He mentioned that the project is not just about offering larger homes; it will reflect a commitment to sustainable living and modern design. Mahindra plans to create spaces that not only cater to the needs of today’s families but also enhance their daily lives.

The redevelopment will transform these old housing societies into premium living spaces that match the lifestyle expectations of today’s homebuyers. With modern amenities, enhanced design features, and eco-friendly initiatives, these revamped complexes will offer much more than just a place to live – they’ll be places to thrive.

Additionally, the location itself makes the redevelopment even more exciting. Lokhandwala and Andheri are already popular areas, offering easy access to shopping centers, schools, and entertainment options. With the addition of the new Versova-Bandra Sealink, traveling to other key parts of the city like Bandra, Versova, and Worli will become quicker and more convenient.

More Projects in the Pipeline

This redevelopment project in Mumbai isn’t Mahindra Lifespace’s only big move in 2025. Just a few weeks ago, the company made headlines with another announcement – it has acquired a piece of land in North Bengaluru. Spread across 8.2 acres, this land is set to become a ₹1,000 crore housing project. This will be a mid-premium residential development, offering modern apartments to meet the growing demand for quality housing in Bengaluru.

In total, the new Bengaluru project is expected to offer around 9 lakh square feet of saleable area, making it another significant venture for Mahindra Lifespace. The company aims to launch this project within the next nine months, further solidifying its position as a leading player in the Indian real estate market.

Mahindra Lifespace’s ₹950 crore redevelopment project in Lokhandwala, Mumbai, is just one of the many exciting developments we can expect in the coming years. The project not only promises to offer modern, premium homes to families in Mumbai but also contributes to the city’s ongoing efforts to improve urban infrastructure and living standards. With easy connectivity, modern amenities, and a focus on sustainability, these new homes will set the standard for urban living in the 21st century. Whether you're looking for a dream home or an investment opportunity, this redevelopment could be one to watch closely.