New Launch - India Real Estate Report 2026.
Mahindra Lifespaces Developers Limited has signed a development agreement to redevelop Twinkle Star Co-Operative Housing Society Limited in Mumbai's Chembur, in a deal valued at ₹142.72 crore.
Stamp duty of ₹7.23 crore was paid on the transaction, which was registered on 17 August 2026, according to property registration documents accessed by CRE Matrix. The project spans 11,241 sq m, or nearly 2.5 acres.
What the Redevelopment Delivers for Existing Members
The society currently comprises nine buildings with 133 existing members holding a combined carpet area of around 78,686 sq ft.
Under the redevelopment agreement, Mahindra Lifespaces will construct new homes for all 133 members, increasing their aggregate carpet area to 1,20,389.58 sq ft:
- Existing combined carpet area: 78,686 sq ft
- Proposed combined carpet area: 1,20,389.58 sq ft
- Net increase: approximately 41,704 sq ft, a 53% uplift for existing members
- Each member to receive a reserved car parking space
- 14 visitor parking spaces also provided
- Total permissible construction area: 45,529 sq m
- Completion timeline: five years from the registered agreement
Also Read: Mahindra Lifespace Launches 25-Acre Project in Kanjurmarg, Eyes ₹3,000 Crore Revenue
Part of a Larger Chembur Strategy
The DA forms part of a broader play. In September 2025, Mahindra Lifespaces was chosen as development partner for two society redevelopment projects in Chembur with a combined gross development potential of approximately ₹1,700 crore.
The two societies span 2.6 acres and approximately 1.8 acres respectively.
This agreement covers the first of those two projects.
Mahindra Lifespaces confirmed the transaction, saying the project will be redeveloped in line with relevant schemes to unlock its full potential, as part of the company's goal to position itself as a major player in Mumbai's redevelopment market.
A Portfolio Building Quickly Across Mumbai
The Chembur deal sits inside an accelerating acquisition run across the city:
- June 2026: 15-acre land parcel in Kandivali East, ~1.8 million sq ft development potential, GDV of approximately ₹5,600 crore
- March 2026: Mahindra Rainforest launch in Kanjurmarg 25.47 acres on LBS Marg, estimated development value of ₹3,000 crore
- October 2025: four residential societies in Malad West, development potential of ₹800 crore across approximately 1.65 acres
Also Read: Mahindra Lifespace Buys Kandivali Land for ₹5,600 Cr Project
Mumbai's Redevelopment Market Is Running Hot
Mahindra Lifespaces is moving into a market that is accelerating.
Mumbai's real estate redevelopment segment grew 16% in 2025 compared to the previous year, with 229 development agreements signed against 196 in 2024, according to Knight Frank India.
The momentum carried into 2026, with nearly 30% of the full-year 2025 DA count signed within just the first 74 days of the year.
Over six years from January 2020 to March 2026, a total of 1,094 DAs have been signed across the city, unlocking 432 acres of land for redevelopment.
For a listed developer building its Mumbai presence at pace, society redevelopment provides a land supply channel that direct acquisition alone cannot replicate in a city where large freehold plots are increasingly hard to find.
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