Mumbai, June 26 -- Mahindra Lifespaces, the real estate and infrastructure arm of the Mahindra Group, has acquired a 15 acre land parcel in Kandivali East in the Mumbai Metropolitan Region. The company will develop a residential project with a development potential of 1.8 million square feet (mn sq ft) and an estimated gross development value of Rs 56 bn. The firm said the acquisition was secured through competitive bidding and that the site benefits from connectivity to the Western Express Highway and existing metro corridors. Accessibility is expected to be enhanced by the upcoming Borivali-Thane Twin Tunnel.
Mahindra Lifespaces said its development footprint spans 53.65 mn sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities and that it manages over 5,000 acres of ongoing or forthcoming projects at integrated developments and industrial clusters. The company framed the Kandivali purchase as building on the success of its existing project in the Kandivali micro market and as strengthening its presence in the Mumbai residential market.
On the financial front, consolidated sales for fiscal year 2026 were Rs 41.18 bn, an increase of 25 per cent year on year. Residential pre sales for the period stood at Rs 34.05 bn, up 21.43 per cent year on year, and the total gross development value of the overall portfolio was reported at Rs 451.8 bn. The company has set a target of pre sales of Rs 95 bn by fiscal year 2030.
Market data from Housing.com showed average property prices in Kandivali East during the first three months of 2026 at Rs 23,312 per square foot, an increase of 24.46 per cent year on year. The firm emphasised that the project's scale and location position it to capitalise on the improving local market and bolster the firm's Mumbai portfolio. Further details on project phasing, unit mix and timelines were not disclosed.
Published by HT Digital Content Services with permission from Construction World.