Real estate developer Mahindra Lifespaces announced on February 3 that it has secured a 950-crore deal to redevelop three housing societies in Lokhandwala, Andheri area in Mumbai. In Maharashtra, several old buildings, especially those comprising two to seven storeys, are being redeveloped. The redevelopment of housing projects involves demolishing and replacing old structures with modern, bigger buildings subject to various norms. Residents in old buildings get larger apartments in the newer building for free, as the builder sells a certain number of apartments in the new building for a profit. The government, too, earns revenue by selling the floor space index (FSI) to the builder. On January 23, the company announced that it was acquiring 8.2 acres of land in North Bengaluru to develop a housing project worth Rs 10 billion. Mahindra Lifespaces plans to launch the project within the next nine months. The project will include mid-premium residential apartments.