Mahindra Lifespace Secures Matunga Redevelopment with ₹1,010 Crore GDV
Mahindra Lifespace Secures Major Residential Redevelopment in Matunga
Mahindra Lifespace Developers has been selected as the preferred development partner for a residential redevelopment project in Matunga (West), Mumbai, with a gross development value of around Rs 1,010 crore. The project spans approximately 1.53 acres.
Project Scope and Vision
The redevelopment will transform the existing housing cluster into a modern community featuring improved infrastructure, contemporary design, and enhanced lifestyle amenities. The redevelopment will be planned with a strong emphasis on sustainability, and modern urban design, in line with Mahindra Lifespaces' commitment to developing Homes of Positive Energy.
Why Matunga
Located in Matunga, the site benefits from seamless connectivity to key social and business hubs. The micro-market is a well-established residential catchment with proximity to Shivaji Park, leading educational institutions, healthcare facilities, retail destinations, robust transport networks and nearby metro links.
Matunga was among the first well-planned localities of Mumbai. The Dadar-Matunga-Wadala-Sion plan of 1899-1900 was formulated to evenly distribute the population, as well as provide better living standards. The neighbourhood benefits from proximity to Mumbai Metro Line 3, known as the Aqua Line, which became fully operational on 9 October 2025, spanning 33.5 km from Cuffe Parade to Aarey JVLR with 27 stations.
Between October 2024 and September 2025, Matunga West recorded 81 property sale transactions, worth ₹233 crore in total. As of Q3 2025, the average property price in the area was ₹50,391 per sq ft.
Market Context
Mumbai's society redevelopment segment has been expanding rapidly. Projects across the Mumbai (MCGM) region are expected to add about 44,277 new homes as free-sale components worth Rs 1.31 trillion by 2030, according to Knight Frank India, a real estate consultancy firm. Since 2020, 910 housing societies have signed development agreements, unlocking around 326.8 acres of land based on floor-space index norms and average unit sizes.
Earlier, in October, Mahindra Lifespaces secured a redevelopment mandate for four residential societies in Malad (West), Mumbai. Spread across about 1.65 acres, the project has a revenue potential of around Rs 800 crore.
Developer Background
Established in 1994, Mahindra Lifespace Developers Ltd. brings the Mahindra Group's philosophy of 'Rise' to India's real estate and infrastructure industry through thriving residential communities and enabling business ecosystems. The Company's development footprint spans 53.65 million sq. ft. (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.
As a pioneer in Net Zero homes in India, Mahindra Lifespaces is committed to building only Net Zero homes from 2030 onwards. The company has already launched India's first three Net Zero residential developments: One Net Zero Energy and two Net Zero Energy+ Waste, showcasing its dedication to environmental responsibility and innovation.