Shares of Mahindra Lifespace Developers Ltd surged by 4% on 27 June after the company announced that it had been chosen as the preferred developer for the reconstruction of a luxury housing society in Mulund (West), Mumbai.

The 3.08-acre land tract has an estimated development value of Rs 1,250 crore, according to a corporate statement.

Vimalendra Singh, chief business officer of Residential, Mahindra Lifespace Developers, said, “At Mahindra Lifespaces, our redevelopment philosophy centres around creating value for residents and the city. We aim to blend design excellence with sustainability and on time delivery. With robust connectivity and access to employment hubs in South Mumbai, Navi Mumbai and Thane, this project is poised to be a key contributor to the area’s continued growth story.”

Its prominent location provides excellent connectivity, only 1.4 kilometres from the forthcoming Mumbai Metro Line 5 and 0.8 kilometres from the Goregaon-Mulund Link Road. 

Furthermore, the location is well located near the Eastern Express Highway and the Mulund-Airoli Bridge, making it easy to reach Navi Mumbai and other significant business centres.

Mahindra Lifespace Developers, the Mahindra Group’s real estate and infrastructure unit, is one of India’s major developers dedicated to sustainable urbanisation. 

With a significant presence in nine major Indian cities, the company has delivered 53 residential projects, totalling 21.14 million square feet of completed construction. 

It now has 16.19 million square feet of ongoing and planned projects in several divisions. Mahindra Lifespaces focuses on mid-premium and inexpensive housing, as well as integrated cities and industrial clusters, to provide a diverse portfolio for a wide spectrum of homeowners and businesses.

However, at 1:32 pm, the shares of Mahindra Lifespace were trading 1.30% higher at Rs 356.50 on NSE.

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