The project will offer Mahindra Lifespaces a revenue potential of around Rs 850 crore.

Amit Sinha, director and board member, Mahindra Lifespace Developers, said, "We are happy to announce this addition to our society redevelopment portfolio. We foresee society redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces.

In a city like Mumbai, with few prospects for greenfield construction due to a scarcity of vacant land parcels, redevelopment offers an exciting route for growth while enabling existing property owners to upgrade to larger, better residences with modern facilities. We at Mahindra Lifespaces will continue to evaluate more such opportunities to grow our residential portfolio in Mumbai."

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 32.97 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

The company's consolidated net profit rose 32.73% to Rs 33.21 crore on 667.87% surge in net sales to Rs 186.90 crore in Q3 FY23 over Q3 FY22.