Realty firm Mahindra Lifespace Developers Ltd on Wednesday said it has entered into society redevelopment business and has bagged two projects in Mumbai with a revenue potential of Rs 500 crore.
In a regulatory filing, the company informed that it has been "selected as the preferred partner to redevelop two adjacent residential societies in Santacruz West".
The company and the two societies will execute definitive documents upon completion of due diligence.
The project will offer Mahindra Lifespaces a revenue potential of around Rs 500 crore, the filing added.
Arvind Subramanian, Managing Director and CEO, Mahindra Lifespace, said, "Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. It enables homeowners in existing properties to upgrade to bigger and better homes that are equipped with world-class amenities and contemporary features."
"We foresee redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces and expect to build a meaningful presence in this space over the coming years," he added.
Mumbai has limited opportunities for greenfield development due to the absence of vacant land parcels. The only viable opportunity for any new development is through redevelopment -- a market estimated to be worth over Rs 30,000 core, the company said.
Mahindra Lifespaces has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region.
Having delivered homes to more than 14,800 satisfied customers across India, it has an overall footprint spanning 32.14 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.
