Mumbai-based real estate developer Lloyds Realty Developers, a subsidiary of Lloyds Enterprises, has announced a planned investment of ₹1,935 crore through its associate company in a cluster redevelopment project in Mumbai’s Goregaon (West).

The project includes the redevelopment of five housing societies under a single integrated development plan. Lloyds Realty is eyeing revenue of ₹3,320 crore from the project, with saleable area priced at ₹44,000 per square foot.

Spread across 754,260 square feet, the predominantly residential development will deliver 771 units, comprising 461 rehabilitation units for existing residents and 331 free-sale units for the open market.

The total construction area to be delivered will be approximately 30 lakh square feet. Furthermore, the development plan seeks to provide 10 rehabilitation shops for existing commercial occupants. Lloyds Realty has signed development agreements with the societies.

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 further added that the project represents a meaningful addition to Mumbai’s redevelopment pipeline and reflects the potential that well-executed cluster redevelopment can unlock in established micro-markets.

Statutory and regulatory approvals for the project have commenced.

According to proptech platform 99acres, average property rates in Goregaon (West) stood at ₹32,600 per square foot as of August 2026, compared with ₹31,800 per square foot during the July-September period last year.

Lloyds Realty currently has a portfolio valued at over ₹23,500 crore, spanning premium residential and commercial projects. The company has delivered over 3 million square feet and has approximately 14 million square feet of planned development in residential and commercial real estate across Mumbai, Thane, Pune and Tirupur.