Mahindra Lifespaces Secures ₹1010 Crore Matunga West Redevelopment Project
Mahindra Lifespace Developers has been selected as the preferred development partner for a residential redevelopment project in Matunga (West), Mumbai, with a gross development value of around ₹1,010 crore. The project spans approximately 1.53 acres and will transform the existing housing cluster into a modern community featuring improved infrastructure, contemporary design, and enhanced lifestyle amenities, according to Mahindra Lifespaces.
Vimalendra Singh, Chief Business Officer – Residential, Mahindra Lifespace Developers, commented, “This mandate is a strong endorsement of the trust communities place in Mahindra Lifespaces to deliver redevelopment that genuinely uplifts neighbourhoods. Matunga is a well-established and highly valued neighbourhood, and this redevelopment allows us to contribute thoughtfully to its next chapter with homes designed for modern lifestyles. We look forward to setting a new benchmark for community-centric redevelopment in Mumbai.”
Earlier, in October, Mahindra Lifespaces secured a redevelopment mandate for four residential societies in Malad (West), Mumbai. Spread across about 1.65 acres, the project has a revenue potential of around ₹800 crore. This latest deal further solidifies Mahindra Lifespaces' position in the Mumbai redevelopment market.
Mumbai’s society redevelopment segment has been expanding rapidly. Projects across the Mumbai (MCGM) region are expected to add about 44,277 new homes as free-sale components worth ₹1.31 trillion by 2030, according to Knight Frank India, a real estate consultancy firm. Since 2020, 910 housing societies have signed development agreements, unlocking around 326.8 acres of land based on floor-space index norms and average unit sizes.
Matunga West remains an active housing market. Between October 2024 and September 2025, it recorded 81 new sale transactions with a gross sales value of ₹233 crore, as per Square Yards Data Intelligence, a real estate data analytics firm. As of the third quarter of 2025, the average property rate in the area stood at ₹50,391 per square foot, down from ₹56,420 per square foot in the same quarter last year.
Mahindra Lifespaces, the real estate and infrastructure development arm of the Mahindra Group, is known for its commitment to sustainable and community-centric development. The company has a strong track record in delivering high-quality projects that enhance the quality of life for residents. This new project in Matunga West is expected to set a new standard for residential redevelopment in the city, offering modern amenities and a vibrant community environment.
