Mahindra To Develop Mahindra World City, near Chennai

Mahindra Lifespace and ARCH Capital Launch Joint Venture for Residential Township near Chennai

Mahindra Lifespace Developers, the real estate arm of the esteemed Rs 18,000 crore Mahindra group, has announced a strategic joint venture with private equity fund ARCH Capital Asian Partners. This collaborative effort aims to develop an expansive residential township within the Mahindra group's flagship special economic zone, Mahindra World City, situated near Chennai.

Joint Venture Details

  • Stakeholders: The Mahindra group will hold a majority stake of 51% in the joint venture company, Mahindra Residential Development, while ARCH Capital will retain a 49% stake.
  • Project Overview: Spanning fifty acres, the project will feature approximately seven hundred fifty residential apartments, complemented by retail and recreational amenities, catering to a holistic living experience.

Financial Details and Project Background

  • Disclosure: Financial specifics of the project are currently undisclosed, pending the formal announcement of the company's financial results.
  • Mahindra World City Context: This integrated development, co-promoted by the Mahindra group and the Tamil Nadu Industrial Development Corporation (TIDCO), boasts three sector-specific Special Economic Zones (SEZs) dedicated to information technology, auto ancillaries, and apparel & fashion accessories.

Expansion Plans

  • Sri Lanka Venture: In a recent development, Mahindra Lifespace signed an agreement with the Board of Investments of Sri Lanka to establish a sixty-five-acre Special Economic Zone in Sri Lanka.
  • Existing Land Bank and Projects: Mahindra Lifespace boasts a substantial land bank of nearly five million sq ft and is concurrently developing two additional Mahindra World Cities located in Pune and Jaipur.