Mumbai-based developer Lloyds Realty Developers, a subsidiary of Lloyds Enterprises, is planning to invest Rs 1,935 crore through its associate company in a large-scale cluster redevelopment project in Goregaon West.
The project will bring together five housing societies under a single integrated redevelopment plan and is expected to generate approximately Rs 3,320 crore in revenue. The developer has indicated a saleable area pricing of around Rs 44,000 per sq ft.
Spread across 754,260 sq ft, the predominantly residential project is planned to deliver 771 homes. Of these, 461 units will be rehabilitation homes for existing residents, while 331 units will be developed for sale in the open market. The project will also provide 10 rehabilitation shops for existing commercial occupants.
The overall development is expected to have a construction area of nearly 30 lakh sq ft. Lloyds Realty has already entered into development agreements with the participating housing societies, while statutory and regulatory approval processes have commenced.
Ravi Agarwal, Chairman and Managing Director of Lloyds Realty, said: “Mahesh Nagar brings together three elements that are increasingly relevant to Mumbai’s residential market — a well-established location, fragmented land parcels and a sizeable rehabilitation requirement. Bringing five societies into a single development framework creates the scale to plan the precinct more cohesively, while also enabling existing residents to remain part of the neighbourhood they have called home.”
Agarwal added that the project would strengthen Mumbai’s redevelopment pipeline and demonstrate the potential of cluster redevelopment in established residential micro-markets.
The project comes as Goregaon West continues to see activity in the residential market. According to proptech platform 99acres, average property prices in the locality were around Rs 32,600 per sq ft in August 2026, compared with Rs 31,800 per sq ft during July-September 2025.
Lloyds Realty currently has a portfolio valued at more than Rs 23,500 crore across residential and commercial developments. The developer has completed over 3 million sq ft of projects and has around 14 million sq ft of planned development spanning Mumbai, Thane, Pune and Tirupur.
The Goregaon project is expected to add substantial new housing supply while facilitating the rehabilitation of existing residents and commercial occupants within the established Mahesh Nagar neighbourhood.
Source: Business Standard
