Mahindra Lifespace Developers on April 24 announced it has received a project for the redevelopment of a residential society in suburban Mumbai, that may generate a revenue of Rs 850 crore for the company.
The society is based in Malad West, one of the most prominent residential and commercial localities situated in the western part of Mumbai.
"The project will offer Mahindra Lifespace a revenue potential of around Rs 850 crore," the Mahindra Group arm said in a press release.
Mahindra Lifespace is continuously evaluating "more such opportunities to grow our residential portfolio in Mumbai," its Director Amit Sinha said in the press release.
"In a city like Mumbai, with few prospects for greenfield construction due to a scarcity of vacant land parcels, redevelopment offers an exciting route for growth while enabling existing property owners to upgrade to larger, better residences with modern facilities," Sinha added.
This announcement comes three months after the company announced redevelopment of two housing societies in Santacruz area of Mumbai.
The company has so far developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region. Countrywide, it has an overall footprint spanning 32.97 million sq ft of completed, ongoing and forthcoming residential projects across seven major cities.
Ahead of the announcement, Mahindra Lifespace's shares closed at Rs 375 apiece on the BSE, which was 2.26 percent higher as against the previous day's close.