Mahindra Lifespace Developers and GKW have joined forces to work on a new project in Mumbai’s Bhandup area. This collaboration will focus on creating a mixed-use space that includes residential and commercial areas.
The 36.87-acre plot of land in Bhandup West is set to become a hub of activity, with plans for residential buildings, commercial spaces, and retail outlets. This project is a significant step in Mahindra Lifespaces’ expansion plans in Mumbai, aiming for five times growth while prioritizing innovative designs and sustainability.
Amit Kumar Sinha, the managing director and CEO of Mahindra Lifespace Developers, expressed excitement about this development, emphasizing the company’s commitment to creating vibrant communities. GKW’s chairman, K K Bangur, also highlighted their goal of expanding into the real estate sector by utilizing their land assets in Mumbai.
Under the terms of the agreement, Mahindra Lifespace Developers will receive 70.5% of the net revenue generated from the project, while GKW will get 29.5%. This joint development model allows the builder to develop the land without upfront costs, while the landowner can benefit from potential returns post-development.
The location of this project, opposite Neptune Magnet Mall on L B S Road, adds to its appeal and potential success. With a development potential of approximately 3.6 million square feet, this venture is poised to make a significant impact in the area.
As the project progresses, both companies will work together to ensure its success and bring their vision to life. This partnership marks a new chapter in the real estate landscape of Bhandup, promising a blend of residential and commercial offerings for the community to enjoy.
In conclusion, the collaboration between Mahindra Lifespace Developers and GKW represents a strategic move to capitalize on the growth opportunities in Mumbai’s real estate market. By combining their expertise and resources, they aim to create a dynamic and thriving space that meets the needs of residents and businesses alike. Stay tuned for more updates on this exciting development in Bhandup West.
