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New Delhi: Mahindra Lifespace DevelopersThe real estate and infrastructure development arm of the Mahindra Group, will redevelop two adjacent residential in societies Santa Cruz West, Mumbai,
The project will be developed on a land of about 1.27 acres and has a revenue potential of about Rs 500 crore.
Arvind SubramanianManaging Director & CEO of the company said, “The society redevelopment offers an attractive opportunity for new real estate development in a fully built-up neighborhood in Mumbai. We see the redevelopment as an exciting opportunity for reputed real estate developers , who look forward to making a meaningful presence in this space for years to come.”
The Company and both the Societies shall execute certain documents on completion of due diligence.
Mumbai has limited opportunities for greenfield development, especially due to the absence of vacant land parcels in the island city. The only viable avenue for any new development is through redevelopment – a market estimated to be worth over Rs 30,000 crore.
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