Mahindra Lifespace and BEBL consortium will form a special purpose vehicle company to undertake the project in which 70 per cent of the equity would be held by Mahindra Lifespaces and 30 per cent by the city-based firm.
Under the project, the SPV company would develop 2.74 sq ft area and the first phase of the project is expected to be completed within 36 months from the development agreement date.
"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," Mahindra Lifespace Developers Vice-Chairman Arun Nanda said.
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 would broadly comprise of development of Airport and Airport Maintenance area, special economic zone and support infrastructure.