Mahindra Lifespaces Signs ₹142.72 Crore Development Agreement to Redevelop Twinkle Star Co-operative Housing Society in Chembur
Development Agreement Registered for Twinkle Star Housing Society
Mahindra Lifespace Developers Limited (MLDL) registered a development agreement with Twinkle Star Co-operative Housing Society on August 17, 2026, marking another significant move in the developer's expanding presence across Mumbai's established residential neighborhoods.
The development agreement covers the redevelopment of a 2.8-acre property in Chembur and involves replacement of nine existing buildings, with the property comprising three parcels in Borla measuring 6,548 sq m and four parcels in Chembur measuring 4,693.7 sq m.
Financial Terms and Project Scope
The development agreement carries a consideration value of ₹142.72 crore, while the stamp duty payable amounts to ₹7.23 crore. Mahindra Lifespaces is required to provide a ₹30-crore bank guarantee to the society under the development arrangement.
The project covers 11,241.7 square metres across seven plots and involves redevelopment of nine existing buildings housing 133 members within 60 months.
Space Improvement for Existing Members
The nine buildings currently have a combined carpet area of 78,686 sq ft, while under the proposed redevelopment, members will receive 1,20,389.58 sq ft of new carpet area. This represents an increase of approximately 53% in the total residential carpet area, with existing homes averaging around 592 sq ft per member and proposed homes averaging about 905 sq ft.
Development Framework
The documents indicate a maximum FSI of around 3.0, including the applicable fungible component, for the redevelopment framework considered for the property.
Part of Broader Chembur Mandate
This agreement forms part of MLDL's previously announced redevelopment deal in Chembur, announced in September 2025, with two society redevelopment projects carrying a combined gross development potential of approximately Rs 1,700 crore. The developer has secured redevelopment projects in locations including Matunga, Mulund, Lokhandwala and Chembur, demonstrating the company's strategy of targeting redevelopment opportunities across Mumbai's mature residential markets.
About the Location
Borla is a residential area in Chembur East, Mumbai, known for its mix of urban convenience and suburban peace, featuring quieter streets that appeal to middle-class families and professionals, and is well-connected through roads and public transport, including local trains and buses. As of August 2026, average property prices in Chembur stood at Rs 25,870 per square foot, up 6.73 per cent year-on-year.