Lloyds Realty to Invest Rs 1,935 Crore in Goregaon West Cluster Project
Private developer Lloyds Realty, a subsidiary of Lloyds Enterprises, announced plans to invest Rs 1,935 crore through an associate company in a cluster redevelopment project covering five housing societies in Mahesh Nagar, Goregaon West.
The project, situated along S.V. Road, will bring the five societies under a unified development plan. Development agreements have already been executed with the societies, and the required statutory and regulatory approval processes have commenced.
The predominantly residential development is planned to encompass a total RERA area of 7,54,260 square feet, with the overall construction area projected at around 30 lakh square feet. The scheme is designed to deliver a total of 771 residential units. Among these, 461 units will serve as rehabilitation homes for existing residents, while 310 apartments will be constructed for sale on the open market. The redevelopment plan also incorporates 10 rehabilitation shops intended for existing commercial occupants on the site.
Ravi Agarwal, Chairman and Managing Director of Lloyds Realty, explained that consolidating the five societies into a single development framework enables fragmented land parcels to be planned cohesively as one precinct.
Agarwal noted that Mahesh Nagar brings together key factors including an established location, fragmented land parcels, and a significant rehabilitation requirement. He stated that the scale of the project allows existing residents to remain within their neighbourhood while expanding the city's redevelopment pipeline.
Lloyds Realty, formerly known as Aristo Realty Developers Ltd., has operated in the redevelopment sector for more than three decades, participating in cluster redevelopment and MHADA-linked projects. The Mahesh Nagar undertaking adds to the firm's ongoing portfolio, which includes The Nilayam in Goregaon West and Solace in Dadar West. Across Mumbai, Thane, Pune, and other cities, the company holds approximately 14 million square feet of planned residential and commercial development.
