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| Mahindra Lifespace plans Rs 400cr project |
| BS Reporter / Chennai Nov 14, 2009, 00:36 IST |
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Mahindra Lifespace Developers Limited, part of the $6.3-billion Mahindra Group, is planning to construct a residential complex at its special economic zone (SEZ) – Mahindra World City – near Chennai with an estimated cost of Rs 400 crore. The company had tied up with Philippines-based Ayala Corporation to co-develop the venture, which is expected to be completed by 2011.
Speaking to reporters here on Friday, Arun Nanda, vice-chairman, Mahindra Lifespace Developers Limited, said ‘Aqualily’, the premium residential community project, will come up in 55 acre comprising 760 units, of which 610 will be apartments and the rest twin homes and villas.
The company, Nanda said, was also planning to look at affordable housing projects, primarily targeting blue collar workers. “We will be looking at locations outside the Mahindra World City.”
Anita Arjudas, managing director and chief executive officer of Mahindra Lifespace, said the company was currently developing four million sft of residential projects, which includes Aqualily.
“By 2016, Mahindra World City is expected to attract investments worth Rs 7,500 crore. Investments to the tune of Rs 2,000 crore were already committed by various industries, including IT and auto ancillary companies,” she said.
At present, exports from the SEZ stand at around Rs 500 crore, which are expected to double this year. The SEZ is likely to provide employment to 100,000 in the next five years.
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