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.