Mahindra Lifespaces and K K Bangur's Partnership Brings a Major Upgrade to a 37-Acre Land in Bhandup

Mahindra Lifespaces collaborates with K K Bangur to create a huge 37-acre project costing Rs. 8,000-11,000 crore in Mumbai's Bhandup.

Mahindra Lifespaces and the landowner, K K Bangur, are set to develop a huge 37-acre plot in Mumbai's Bhandup jointly. This land parcel, originally owned by the defunct engineering firm Guest Keen Williams (GKW), is one of the largest in the city.

The project, a mixed-use development comprising residential, retail, and office spaces, is expected to be valued between Rs. 8,000 crore and Rs. 11,000 crore. The land had been on the market for a while, with an initial asking price of Rs. 2,500 crore, which deterred potential buyers.

Mahindra Lifespaces and the landowner have signed a joint development agreement, with the developer making a deposit. The project will hold approximately 40 lakh sq. ft. of carpet area, with the current market price in Bhandup ranging from Rs. 22,000 to Rs. 24,000 per sq. ft.

The project is long-term estimated to take eight to ten years to complete. The owner will share the project's profits, while the developer will handle permissions, construction, and premiums.

Additionally, the development will set aside space for public amenities, including a public park, municipal school, playground, and a cultural theatre. GKW had previously sold 22 acres of the Bhandup plot to the Neptune Group for Rs. 92 crore in 2005.