Mahindra Lifespaces Developers Ltd has floated a special purpose vehicle (SPV) along with Arch Capital, an Ayala group company based in Philippines, to promote a Rs 700-crore premium residential project near here.
Anita Arjundas, managing director and chief executive officer of Mahindra Lifespaces, said the company would hold 51 per cent in the SPV -- Mahindra Residential Developers Ltd -- while Arch Capital will hold the remaining 41 per cent.
Mahindra Lifespaces is the real estate and infrastructure arm of the $7.1 billion Mahindra group.
The SPV will promote Aqualily, a residential project, inside Mahindra World City at Singaperumal Kovil, around 40 km from the city.
The project comprises 151 luxury villas and 610 lifestyle apartments. The first phase of the development comprising villas was launched in November 2009 and around 50 per cent of the units have been launched.
The company is now launching the apartments with 3 and 4 bedrooms. The floor area ranges from 1,595 sft to 2,286 sft and the units are priced between Rs 55 lakh and Rs 80 lakh. The villas cost upward of Rs 1.1 crore.
Richard Yue, chief executive officer of Arch Capital, which has around $2 billion of assets under management, said the investment would be the first by the company in India.