Mahindra Lifespace Developers Ltd. (MLDL) the real estate and infrastructure development arm of the Mahindra Group along with B.E. Billimoria & Co Ltd (BEBL) has jointly won the bid to develop a residential project over a scheduled land comprising of around 25 acres.

The project consists of 2.74 million sq.ft. of development of which 1.6 million sq. ft. of built-up area is to be developed in the first phase. The first phase of the project is to be completed within 36 months from the development agreement date. The investment towards land will be Rs. 21 crore initially, which will go upto Rs. 75 crores over a period of 3 years. The total investment will be about Rs. 500 crores over a period of 5 years. The consortium will form a SPV (Special Purpose Vehicle) company to undertake the project, in which 70% equity will be held by the Company and 30% by BEBL. This SPV will benefit both companies; Mahindra Lifespaces will benefit from a strong execution capacity of BEBL while BEBL will benefit from the strong development & marketing capability of Mahindra Lifespaces.

Mr. Arun Nanda, Vice – Chairman, Mahindra Lifespace Developers said “the bid won by the company, states the reputation that the company enjoys in delivering healthy living spaces to its customers along with the comfort of fair and transparent dealings backed by the trust and credibility of the Mahindra Group; this was one of the primary factors for us to win the bid”.

The residential project was primarily offered to various firms in order to meet the housing requirements of Multi-modal Internal Hub Airport (MIHAN) at Nagpur. The development of MIHAN Area will broadly comprise of development of Airport and Aircraft Maintenance Area, Special Economic Zone and support infrastructure. MADC has been appointed by the Government of Maharashtra as the Nodal Agency and also a Special Planning Authority for MIHAN.

MIHAN has propelled Nagpur on a high-growth trajectory, which is expected to draw investments upto USD 8 billion and generate large scale employment.

Sourced From: Adfactors Public Relations Pvt Ltd

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