Mahindra Lifespace enters joint development agreement for 37-acre land in Bhandup, plans mixed-use project

2024-11-11 01:58:23

Mahindra Lifespace Developers Ltd (MLDL), a Mahindra Group real estate company, has signed a joint development agreement (JDA) with GKW Ltd (formerly Guest Keen Williams) to develop a 37-acre land parcel in Bhandup, located in Mumbai’s eastern suburbs, into a mixed-use project. The development potential of the plot is approximately 3.6 million square feet, according to Mahindra Lifespace.

A subsidiary of Mahindra Lifespace holds a 70.5% economic interest in the agreement, with GKW Ltd retaining the remaining 29.5%. While residential units will be the primary focus, the project will also include commercial and retail spaces.

In a statement, Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers, highlighted that this development strengthens the company’s presence in Mumbai and aligns with its 5x growth target, emphasizing innovative design, sustainability, and community building.

Anarock Capital facilitated the deal, with Khaitan & Co serving as legal advisors. Real estate in Mumbai’s Vikhroli-Kanjurmarg-Bhandup-Thane belt, previously industrial areas, has been increasingly monetized as industries have moved outward. Recent transactions include Nitco’s sale of a four-acre land parcel in Kanjurmarg to Runwal Realty for Rs 232 crore, while other significant landowners in the region, like Godrej, Raymond, and Blue Star, have also pursued similar developments. 

Moneycontrol has requested comments from MLDL on the project’s gross development and revenue potential and will update the story accordingly.