Mahindra Lifespaces Secures ₹1,010 Crore Matunga (West) Redevelopment Project in Mumbai
Mahindra Lifespace Developers has been chosen 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. The redevelopment will transform the existing housing cluster into a modern community featuring improved infrastructure, contemporary design, and enhanced lifestyle amenities, Mahindra noted.
Vimalendra Singh, Chief Business Officer – Residential, Mahindra Lifespace Developers, said, “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 — the real estate and infrastructure development arm of the Mahindra Group — 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.
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.
