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Mahindra & Mahindra signs JV agreement with Arch Capital to Develop housing Complex

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Claimed source at the www.propertykhazana.com says that, Mahindra Residential Developers, auxiliary of Mahindra Lifespace Developers and ARCH Capital Asian Partners, a PE realty fund have signed a JV contract for housing development venture.
Project will carry out the development of gated housing society mutually with support, retail and recreational amenities on 55 acres within Mahindra Lifespace SEZ at Mahindra World City in New Chennai. JV unit, Mahindra Residential Development will be possessing 51% by the Mahindra group and leftover 49% by ARCH CCIV. The housing development will present an elite society of about 750 housing units with extensive green spaces and huge society interaction zones. Mahindra World City (MWC) is India’s initial integrated business city developed by the Mahindra Group and by Tamil Nadu Industrial Development Corporation.
MWC is extended in about 1,500 acres in the periphery of Chennai near Chengiepet, MWC has 3 segment exact SEZs for IT, Auto Ancillaries and Apparel & Fashion Accessories.
Arun Nanda, Executive Director of Mahindra & Mahindra said in a verbal communication to the www.propertykhazana.com that, “Mahindra Group has established the idea and the capacity to construct a superlative SEZ in MWC. Now this will be well carried out with flying infrastructure constructed to international standards and our JV with Ayala, Philippines and land development skills of Mahindra Lifespaces with the venture management and execution experts of Ayala.”
Source: NBTVLIVE

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