Mahindra Lifespace to Invest Rs 1000 cr in 4 Projects

April 21, 2008	(1 votes, average: 5 out of 5)  Loading ...
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Diversified conglomerate Mahindra & Mahindra’s real estate arm Mahindra Lifespace Developers will invest Rs 1,000 crore in four residential projects in different parts of the country over the next three years.

“We have plans for developing four housing projects, two each in the national capital region and Maharashtra. We will be investing about Rs 1,000 crore in developing these projects,” Mahindra Lifespace Developers Managing Director and CEO Pawan Malhotra said.

The company would develop four residential projects, catering to mid and upper segment of the society, at Mumbai, Pimpri (near Pune), Faridabad and Palam Vihar in Delhi.

“All the projects will be completed in three years,” he said, adding the company has already launched the Faridabad and Mumbai projects. In total, the company would construct about 1,000 housing units in all the four projects, company’s Senior Manager (Marketing and sales) Ajay S Dabas said.

The Faridabad complex would come up on five acres of land with 160 units, whereas the Palam Vihar group housing project would constitute about 500 units and would be developed on 17 acres of land.

Sources said the company is expecting a turnover of Rs 1,000 crore in the next five years. It posted Rs 163 crore turnover for FY’07. It is yet to declare the financial details for the outgoing fiscal.

Mahindra Lifespaces is the really development arm of the 4.5 billion dollars Mahindra Group and has a land bank of over 5 million sq ft area, to be developed in the next few years.

The wholly-owned subsidiary of Mahindra & Mahindra has completed projects in Mumbai, Pune, Bangalore and the NCR, besides currently developing many projects across the country.

News Published Under:   Real Estate India |

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