Mahindra Lifespace to invest Rs 450 cr in its maiden venture in Bengaluru

The company will be delivering 1,200 residential units during 2015-16 spread over 1.5 million square feet area

Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure development arm of Mahindra Group, on Tuesday announced expansion into Bengaluru's housing property market with its maiden project, Windchimes. The company is investing Rs 450 crore on development of a property spread over 5.8 acres near Indian Institute of Management, Bangalore on Bannerghatta road.

"This is our first property in Bengaluru and we are looking at one more property in the city. After failing three times in our earlier attempts to venture into the city's property market, we have finalized on this project. Bengaluru is one of six focus markets for us in developing housing projects," Anita Arjundas, Managing Director, Mahindra Lifespace Developers Ltd said.

Windchimes is on the two projects funded by Mahindra Homes Pvt Ltd (MHPL), a joint venture between Mahindra Lifespace Developers Limited and SCM Real Estate (Singapore) Private Limited, an investment arm of Standard Chartered Bank.

She said the company is looking at a revenue of over Rs 700 crore from their first project over a period of four years. The construction and sale of units will begin from today, she said adding that the company would commence a print advertising campaign from Friday.

Windchimes will have 403 premium 3 and 4 BHK (bedroom, hall, and kitchen) residences in three sizes and across two towers and priced upwards of Rs 1.3 crore.

The company will be delivering 1,200 homes during the year 2015-16 with a combined developed area of 1.5 million square feet, Arjundas said.

During the current year, Mahindra Lifespace will also be launching one more housing project in Mumbai, which has now been delayed due to change in state government guidelines.

The company's residential and commercial development footprint includes over 8.92 million sq.ft of completed projects and over 10.38 million of ongoing and forthcoming projects.