Mahindra Lifespace Developers Limited (MLDL) has signed a redevelopment deal with a housing society in Chembur, Mumbai, encompassing 11,241.7 square metres, for a sum of Rs 142.72 crore.

As per the documents related to the transaction obtained through CRE Matrix, a real estate data analytics company, MLDL has entered into an agreement with Twinkle Star Co-operative Housing Society for redeveloping seven plots located in Borla and Chembur in Mumbai.

The contract was recorded on August 17, 2026, with a stamp duty amounting to Rs 7.23 crore.

The project entails the redevelopment of nine current buildings accommodating 133 members, with the developer suggesting to enhance the total carpet area from the existing built-up (carpet) space of 78,686 square feet to 120,389.58 square feet, in addition to offering 133 dedicated parking spaces and 14 visitor parking spaces.

The overall allowable building area for the project is 45,529 square meters (490,070.07 square feet). The renovation is expected to be finished in 60 months.

The declaration aligns with Mahindra Lifespaces’ aim to establish itself as a significant contender in Mumbai’s redevelopment sector. “The project will be reworked considering the pertinent schemes that can genuinely release its potential,” stated MLDL.

Also Read: Highlights from Reliance AGM 2026: Tech Growth, Jio IPO, Energy Future

In September 2025, MLDL announced its selection as the partner for two redevelopment projects in Chembur, which have a total gross development potential of around Rs 1,700 crore. The recent agreement is a component of this redevelopment project.

As of August 2026, average property prices in Chembur were recorded at Rs 25,870 per square foot, reflecting a year-on-year (Y-o-Y) increase of 6.73 per cent, according to the proptech platform Housing.com.

Also Read: The Rise of Deep Tech in India: Why India Must Play the Long Game

Previously, MLDL’s residential pre-sales for the first quarter of the financial year 2027 (Q1FY27) increased twofold year-on-year to Rs 925 crore. It included projects with a gross development value (GDV) of about Rs 5,600 crore. The total GDV of the company's portfolio was approximately Rs 50,000 crore at the end of Q1FY27.

MLDL’s collections in Q1FY27 were Rs 527 crore, up from Rs 518 crore in Q1FY26.

Also Read: India's Deep-Tech Revolution: 10 AI Startups Driving Innovation

MLDL targets to secure pre-sales of Rs 9,500 crore by FY30 via the introduction of new initiatives. The Mumbai-based developer aims for significant growth via redevelopment initiatives, joint ventures (JVs), and joint development agreements (JDAs), all while concentrating on its main markets of the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.