Mahindra Lifespace Developers Limited (MLDL) has entered into a redevelopment agreement with a housing society in Mumbai’s Chembur covering 11,241.7 square metres, for a consideration of Rs 142.72 crore.
According to the deal-related documents accessed via CRE Matrix, a real estate data analytics firm, MLDL has signed the agreement with Twinkle Star Co-operative Housing Society for the redevelopment of seven plots spread across Borla and Chembur in Mumbai.
The agreement was registered on August 17, 2026, with a stamp duty of Rs 7.23 crore.
The project involves redeveloping nine existing buildings housing 133 members, with the developer proposing to increase the members’ total carpet area from the current built-up (carpet) area of 78,686 square feet to 120,389.58 square feet, besides providing 133 reserved parking spaces and 14 visitor parking spaces.
The total permissible construction area for the project is 45,529 square metres (490,070.07 square feet). The redevelopment is to be completed within 60 months.
“The announcement is in line with Mahindra Lifespaces’ goal to position itself as a major player in Mumbai’s redevelopment market. The project will be re-developed keeping in mind the relevant schemes under which its potential can be truly unlocked,” said MLDL in response to email queries sent by Business Standard.
Previously, in September 2025, MLDL had announced being chosen as the partner for two society redevelopment projects in Chembur, with a combined gross development potential of approximately Rs 1,700 crore. The latest agreement forms part of this redevelopment deal.
According to proptech platform Housing.com, average property prices in Chembur stood at Rs 25,870 per square foot as of August 2026, up 6.73 per cent year-on-year (Y-o-Y).
Earlier, MLDL’s residential pre-sales for the first quarter of the financial year 2027 (Q1FY27) doubled Y-o-Y to Rs 925 crore. It added projects with a gross development value (GDV) of around Rs 5,600 crore. The company’s total portfolio GDV was about Rs 50,000 crore as of Q1FY27.
MLDL’s collections in Q1FY27 stood at Rs 527 crore, compared with Rs 518 crore in Q1FY26.
MLDL aims to achieve pre-sales of Rs 9,500 crore by FY30 through the launch of new projects. The Mumbai-based developer is targeting aggressive growth through redevelopment projects, joint ventures (JVs) and joint development agreements (JDAs), while remaining focused on its core markets of the Mumbai Metropolitan Region (MMR), Pune and Bengaluru.