India, Feb. 4 -- Mahindra Lifespace Developers has bagged the redevelopment project of three housing societies in Mumbai's upscale Lokhandwala Complex in Andheri West. The project has a Gross Development Value (GDV) of approximately Rs.950 crore.

A GDV is the estimated value that a company hopes to earn from the sale of the properties if they were to be sold in the existing economic conditions.

For Mahindra Lifespace Developers, this is the fourth redevelopment project in Mumbai and will be executed through the Maharashtra government's cluster redevelopment policy.

"This strategic move strengthens our presence in the western suburbs of Mumbai," said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers. "This project...