Mahindra Lifespace Developers, the real estate company of the Rs 18,000 crore Mahindra group, has entered into a joint venture with private equity fund ARCH Capital Asian Partners to develop a residential township at the Mahindra group’s special economic zone, Mahindra World City, near Chennai.
The Mahindra group will have a 51 % stake in Mahindra Residential Development, the JV company and ARCH Capital will hold 49 %.
The project, on fifty acres, will have seven hundred fifty residential apartments apart from retail and recreational facilities. It did not disclose financial details, pending the announcement of its financial results.
Mahindra World City, being developed by the Mahindra group and the Tamil Nadu Industrial Development Corporation (TIDCO), has three sector-specific SEZs for information technology, auto ancillaries, and apparel & fashion accessories.
Mahindra Lifespace recently signed an agreement with the Board of Investments of Sri Lanka to develop a sixty five acre SEZ in Sri Lanka.
Mahindra Lifespace has a land bank of nearly five million sq ft and is developing two other Mahindra World Cities at Pune and Jaipur.
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2 Comments
This is a major development and Chennai has a lot of demand for commercial space.
Chennai Property prices have been on a high throughout the last few years and they are expected to see an upward trend this year too. Chennai property prices saw an increase of about 8 - 15 % in the last few years. Recently, it went through the roof. With the Banks advancing easy Home Loans and the conducive atmosphere prevailing for rapid growth in the industrial sector contributed in no small way to the growth of the real estate sector of Chennai.For more view-realtydigest.blogspot.com