Mahindra Lifespaces Developers Limited has entered into a development agreement (DA) to redevelop Twinkle Star Co-Operative Housing Society Limited in Mumbai’s Chembur area. The DA is valued at ₹142.72 crore, for which a stamp duty of ₹7.23 crore was paid, according to property registration documents accessed by CRE Matrix.
The project spans 11,241 sq m or nearly 2.5 acres, and the transaction was registered on August 17, 2026.
The documents show that the redevelopment project currently comprises nine buildings, with an existing built-up carpet area of around 78,686 sq ft held by 133 existing society members. Under the proposed redevelopment arrangement, Mahindra Lifespaces will provide the existing members with a substantially larger total carpet area of 1,20,389.58 sq ft.
As part of the redevelopment agreement, the developer will construct new homes for all 133 existing members and provide each member with a reserved car parking space. In addition, the project will have 14 visitor parking spaces. The redevelopment is expected to be completed within five years, according to the registered agreement.
The project has a total permissible construction area of 45,529 sq m, indicating the scale of development potential available on the combined parcels.
For the existing society members, the redevelopment will increase their aggregate carpet area by about 41,704 sq ft, from 78,686 sq ft currently to 1,20,389.58 sq ft in the proposed new development. This translates into an increase of about 53% in the aggregate carpet area, based on the figures in the registered agreement.
Mahindra Lifespaces confirmed the transaction in an email response.
“The announcement is in line with Mahindra Lifespaces’ goal to position itself as a major player in Mumbai’s redevelopment market. The project will be re-developed keeping in mind the relevant schemes under which its potential can be truly unlocked,” the company said.
In September 2026, the company announced that it had been chosen as the partner for two society redevelopment projects in Mumbai’s Chembur area, with a combined gross development potential of approximately ₹1,700 crore.
The DA has been signed for one of those two projects. The two societies span 2.6 acres and ~1.8 acres, respectively.
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Previous announcements
Over the past year, listed developer Mahindra Lifespace Developers Ltd. has aggressively scaled its society redevelopment portfolio across key prime micro-markets in the Mumbai real estate market.
In June 2026, the company acquired a 15-acre land parcel in Mumbai’s Kandivali East, where it plans to develop a housing project with a development potential of around 1.8 million sq ft. The project is expected to have a gross development value (GDV) of approximately ₹5,600 crore.
In March 2026, the company announced the launch of a residential project, Mahindra Rainforest, in Mumbai’s Kanjurmarg area, with an estimated development value of ₹3,000 crore. The company said the project is a premium mixed-use development spanning 25.47 acres on LBS Marg, Kanjur, Mumbai.
In October 2025, the company announced that it had been selected as the preferred partner for the redevelopment of four residential societies in Mumbai’s Malad West area. The company said that the project offers a development potential of ₹800 crore. According to the company, the four societies span approximately 1.65 acres.
Redevelopment scenario in Mumbai
Mumbai’s real estate redevelopment market has grown 16% in 2025 compared to the previous year, driven by a rise in redevelopment deals across the city. A total of 229 development agreements (DAs) for the redevelopment of old buildings were signed in 2025, up from 196 in 2024, according to data from Knight Frank India.
The momentum continued into 2026, with nearly 30% or 70 of the total redevelopment agreements for 2025 signed within the first 74 days of the year, up to March 15, the data showed.
According to Knight Frank India data, a total of 1,094 DAs have been signed in the last six years from January 2020 to March 15, 2026. A total of 432 acres of land has been unlocked for redevelopment through the signing of these 1,094 redevelopment deals.
