Mahindra Lifespaces Subsidiary Partners With GKW For Real-Estate Project In Mumbai

A wholly owned subsidiary of Mahindra Lifespace Developers Ltd. will jointly develop an approximately 37-acre land parcel in Mumbai with GKW Ltd. At a meeting on Friday, the board of directors approved the execution of the joint development agreement between Anthurium Developers Ltd. and GKW.

The firms will jointly develop the land at Kanjur, Bhandup West. ADL's net revenue share will be 70.5% and GKW's will be 29.5%. The net revenue share may be revised depending on the achievement of milestones as per the JDA, according to an exchange filing.

The Bhandup property offers a substantial development potential of approximately 3.6 million square feet. This project is set to become one of the company's largest urban mixed-use developments, with a primary focus on residential spaces complemented by commercial and retail elements, it said.

The site provides strong connectivity to key commercial centres and easy access to the city via the Jogeshwari–Vikhroli Link Road, the Eastern Express Highway and well-established train and metro routes, the real estate arm of the Mahindra Group said.

"This strategic development in Bhandup reinforces our goal of expanding Mahindra Lifespaces' footprint in Mumbai," said Amit Sinha, chief executive officer of MLDL, which operates under the brand name of Mahindra Lifespaces. "The project aligns with our vision to achieve 5x growth while remaining committed to innovative designs, sustainability."

Shares of MLDL closed 0.43% lower at Rs 513.40 apiece on the NSE, compared to a 0.21% decline in the benchmark Nifty 50. The stock has risen 0.63% in the last 12 months and 5.53% on a year-to-date basis.

Six out of the seven analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 24%.