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M&M, ARCH Capital Asian in JV to Develop Residential Complex
| April 22, 2008 |  (Be the first to rate this story!) Loading ... |
Mahindra Residential Developers, a subsidiary of Mahindra Lifespace Developers, and ARCH Capital Asian Partners, a private equity real estate fund, have entered into joint venture agreement for residential development.
The venture will undertake development of a gated residential community together with support, retail and recreational facilities on 55 acres within Mahindra Lifespaces’ special economic zone at Mahindra World City, New Chennai.
The joint venture entity, Mahindra Residential Development, will be 51 per cent owned by the Mahindra group and balance 49 per cent by an ARCH Capital controlled investment vehicle.
The residential development will offer an exclusive community of around 750 residential units with sprawling green spaces and large community Interaction zones.
Mahindra World City is India’s first integrated business city developed by the Mahindra Group and Tamil Nadu Industrial Development Corporation. Spread over 1,500 acres in the outskirts of Chennai near Chengiepet, Mahindra World City has three sector-specific SEZs for information technology, auto ancillaries, and apparel & fashion accessories. Mahindra World City is expected to have a working population of 1,00,000 people by 2015 with current employment at close to 10,000 persons.
“The Mahindra Group has demonstrated the vision and the ability to build a world class SEZ in Mahindra world city. This will now be ably supported with flying infrastructure built to international standards. Our partnership with Ayala, Philippines leading real estate developer, heralds the beginning of a relationship that will combine the marketing and property development skills of Mahindra Lifespaces with the project management and execution expertise of Ayala,” said Arun Nanda, Executive Director Mahindra & Mahindra.
ARCH Capital Asian is managed by ARCH Capital Management Company, an affiliate of Ayala Land of the Philippines.
News Published Under: Real Estate India |
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