Mahindra Lifespaces Developers Limited has signed a development agreement (DA) worth Rs 142.72 crore to redevelop Twinkle Star Co-Operative Housing Society Limited in Chembur, Mumbai. The agreement, registered on August 17, 2026, involved stamp duty of Rs 7.23 crore, according to property registration documents accessed by CRE Matrix.
The redevelopment will cover a 11,241 sq m parcel, equivalent to nearly 2.5 acres. The society currently consists of nine buildings with an existing carpet area of around 78,686 sq ft, occupied by 133 members.
Under the proposed redevelopment plan, Mahindra Lifespaces will provide the existing members with a combined carpet area of 1,20,389.58 sq ft in the new development. This represents an increase of nearly 41,704 sq ft, or approximately 53%, over the existing area.
The developer will construct new homes for all 133 society members and provide one reserved car parking space for each member. The project will also include 14 parking spaces for visitors. According to the registered agreement, construction is expected to be completed within five years.
The project has a total permissible construction area of 45,529 sq m, highlighting the development potential of the site.
The Chembur project is one of two society redevelopment opportunities for which Mahindra Lifespaces was selected as a partner. The two projects cover approximately 2.6 acres and 1.8 acres, respectively, and together have an estimated gross development potential of around Rs 1,700 crore.
Mahindra Lifespaces has been expanding its redevelopment portfolio across Mumbai. In June 2026, it acquired a 15-acre parcel in Kandivali East with an estimated development potential of 1.8 million sq ft and a GDV of about Rs 5,600 crore. In March, it launched Mahindra Rainforest in Kanjurmarg, a 25.47-acre mixed-use project with an estimated development value of Rs 3,000 crore.
Mumbai’s redevelopment market has also gained momentum. Knight Frank India data shows that 229 redevelopment agreements were signed in 2025, compared with 196 in 2024. Between January 2020 and March 15, 2026, Mumbai recorded 1,094 redevelopment agreements, unlocking approximately 432 acres of land.
Source: Hindustan Times
