Mahindra Lifespace Secures ₹950 Crore Lokhandwala Redevelopment Deal
Mahindra Lifespace Appointed to Redevelop Three Societies in Lokhandwala
Mahindra Lifespace Developers Limited announced on February 3, 2025 that it has been appointed as the developer for a redevelopment project in Lokhandwala Complex, Andheri West, Mumbai. The contract covers three residential societies with a gross development value of ₹950 crore. This represents the company's fourth redevelopment project in Mumbai.
Project Scope and Location
Mahindra Lifespaces was selected as the preferred partner for the redevelopment of three residential societies under Maharashtra's cluster redevelopment policy. The site is located 15 minutes from the upcoming Versova-Bandra Sealink, providing connectivity to other parts of the city.
Lokhandwala Complex, built during 1984–85, is undergoing large-scale reconstruction as several ageing buildings are being demolished to make way for taller and more modern residential towers. Given its established social infrastructure, proximity to commercial hubs, and strong connectivity, the locality is likely to remain attractive to homebuyers and investors.
Mahindra Lifespace's Mumbai Presence
Mahindra Lifespace Developers was established in 1994 as the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 39.44 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.
The second wave of Lokhandwala redevelopment has attracted major players including Kalpataru, Rustomjee, Mahindra Lifespaces, Puravankara and Ajmera. The assignment underscores Mahindra Lifespace's increasing focus on the western suburbs of Mumbai, a market segment where the company has several active projects.
The Lokhandwala Redevelopment Wave
Lokhandwala Complex in Andheri West is undergoing significant urban transformation, with multiple housing societies entering the redevelopment phase after over four decades of existence, driven by ageing infrastructure, rising housing demand, and favourable government policies. With top developers actively acquiring projects, the area is witnessing a shift toward luxury housing and commercial interest, supported by improved policy frameworks.
A nearby ₹4,500 crore commercial tower project in Andheri West by Prestige Estates and Valor Group further underscores the area's growing prominence.