Mahindra Lifespace announces new real estate project at Kandivali

Mahindra Roots at Kandivali

Mahindra Lifespace Developers Ltd, a real estate construction company within the Mahindra & Mahindra group, has agreed to buy 9.24 acres of prime land from its parent, auto maker Mahindra & Mahindra Ltd, for development.

“This new project is Mahindra Lifespaces’ second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer approximately 1 million sq. ft. of carpet area. The project is expected to be launched in FY 2023,” it said.

The real estate company will pay its parent Rs 365 cr for the plot situation in Akurli village in Kandivali, one of the hottest areas for real estate development in Mumbai.

Akurli is on the east side of the railway track that goes from Churchgate to Gujarat, also known as the Western Line.

Mahindra & Mahindra said it does not use the above land for any purpose.

It said the land “is less than 10% of our entire land in Kandivali” and will not have any impact on the operations of the Company as no operations of the Auto and Farm Sectors are carried out on the plot.

The company said the plot was well suited to develop a real estate project.

“This neighbourhood is home to reputed schools and malls. The Western Express Highway, the nearest metro station and Kandivali railway station are all located within a 4 KM radius of the project. Kandivali East enjoys convenient connectivity to employment hubs in Mira Road, Malad, Goregaon, Jogeshwari and Andheri,” it said.

Mahindra Lifespace Developers Ltd was established around 30 years ago and represents the group’s real estate ambitions.

It has 28.2 million sq. feet of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development/management at its integrated developments and industrial clusters across four locations.