{"id":4072,"date":"2026-08-19T18:55:44","date_gmt":"2026-08-19T13:25:44","guid":{"rendered":"https:\/\/www.crematrix.com\/blog\/?p=4072"},"modified":"2026-08-19T18:55:45","modified_gmt":"2026-08-19T13:25:45","slug":"mahindra-lifespaces-signs-%e2%82%b9143-crore-deal-to-redevelop-nine-chembur-buildings","status":"publish","type":"post","link":"https:\/\/www.crematrix.com\/blog\/mahindra-lifespaces-signs-%e2%82%b9143-crore-deal-to-redevelop-nine-chembur-buildings\/","title":{"rendered":"Mahindra Lifespaces Signs \u20b9143-Crore Deal to Redevelop Nine Chembur Buildings"},"content":{"rendered":"\n

Mahindra Lifespaces Developers has signed a development agreement with Twinkle Star Co-operative Housing Society to redevelop a 2.8-acre property in Chembur, Mumbai. CRE Matrix<\/a> accessed the property documents, which show that the agreement covers 11,241.7 sq m of land across Ghatla Village Road and carries a consideration value of \u20b9142.72 crore. The agreement also attracts stamp duty of \u20b97.23 crore.<\/p>\n\n\n\n

The property comprises three parcels in Borla measuring 6,548 sq m and four parcels in Chembur measuring 4,693.7 sq m. As part of the redevelopment, Mahindra Lifespaces will replace nine existing buildings and provide new homes to 133 society members.<\/p>\n\n\n\n

How much larger will the new homes be?<\/strong><\/h2>\n\n\n\n

The redevelopment will significantly increase the residential carpet area available to existing members. The nine buildings currently have a combined carpet area of 78,686 sq ft. Under the proposed redevelopment, members will receive 1,20,389.58 sq ft of new carpet area.<\/p>\n\n\n\n

This represents an increase of approximately 53% in the total residential carpet area. On average, the existing homes measure around 592 sq ft per member, while the proposed homes would average about 905 sq ft.<\/p>\n\n\n\n

Therefore, a member currently occupying a home of around 600 sq ft could, on an average basis, receive a replacement home of close to 900 sq ft. However, individual entitlements will depend on the agreements signed with members and the project’s final allotment terms.<\/p>\n\n\n\n

What benefits will the 133 members receive?<\/strong><\/h2>\n\n\n\n

The development agreement provides new premises for all 133 existing members. In addition, the society will receive 133 reserved car parking spaces and 14 visitor parking spaces.<\/p>\n\n\n\n

Members will also receive financial and relocation benefits during the redevelopment period. For instance, monthly displacement compensation will increase from \u20b9100 per sq ft in the first year to \u20b9140 per sq ft in the fifth year.<\/p>\n\n\n\n

Furthermore, the documents record several other payments, including:<\/p>\n\n\n\n