Cluster Project by Mahindra & Livingstone in Mumbai targets Rs. 1, 650 Crore GDV

Livingstone Infra and listed real estate developer Mahindra Lifespaces Developers announced their partnership for a cluster redevelopment project in Mahalaxmi, Mumbai. The Gross Development Value (GDV) of the project is Rs. 1650 crore.

The property is situated in the affluent Mahalaxmi neighborhood and has a prominent location in one of South Mumbai's most desirable neighborhoods, according to the company.

The location's outstanding connectivity, which guarantees access to South Mumbai's main business cities, necessary services, and recreational areas, is one of its main advantages.

The cluster redevelopment policy of Maharashtra will guide the project's development. According to the company's statement, the Versova-Bandra Sealink, which will increase access to other sections of the city, is only 15 minutes away.

The company declared on January 23 that it will be purchasing 8.2 acres of property in North Bengaluru in order to construct a housing project valued at Rs. 1000 crore.

When housing projects are redeveloped, outdated buildings are demolished and replaced with larger, more contemporary constructions that adhere to a number of regulations. Because the builder sells a set number of units in the new building for profit, residents in older buildings receive larger apartments in the newer structure for free. By selling the floor space index (FSI) to the builder, the government also makes money.

Amit Kumar Sinha, Managing Director and CEO, Mahindra Lifespace Developers states, “This development marks Mahindra Lifespaces’ strategic expansion into South Mumbai’s premium real estate market by creating residences that contribute to Mumbai’s urban renewal. The redevelopment aims to showcase cutting-edge design, sustainable elements, and premium amenities, enhancing the city’s skyline”.