Mahindra Lifespace Developers Ltd, the real estate and infrastructure arm of diversified business conglomerate Mahindra Group is in the final stage of getting approval for its upcoming project in North Chennai. Mahindra Lifespace Developers Ltd, through its subsidiary Mahindra World City Developers Ltd has signed a Joint Venture with Japan’s Sumitomo Corporation to set up an industrial park at Ponneri in North Chennai.
“Our North Chennai project is in the last leg of approval. It is actually in NH-5. First phase will be of 250 acres”, Mahindra Lifespace Developers Ltd, CEO, Sangeeta Prasad told reporters here.
Stating that the project would be taken up in phases, she said compared to their first project Mahindra World City in Singaperumalkoil near Chennai, the second project will be “industrial cluster”.
On the other projects taken up, she said the Mahindra World City upcoming project in Jaipur was spread across 3,000 acres while the one in Ahmedabad would be an “industrial cluster” similar to North Chennai.
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Referring to a residential project coming up in Mahindra World City, Singaperumalkoil, she said 196 units of 581 square feet by 624 square feet would be constructed and the project was likely to be handed over by 2019.
“The construction activities just started. The houses would be priced between Rs 28 lakh (for single BHK) and Rs 30 lakh (For flexi homes)”, she said.
Asked whether there was enough land available in 1,500 acre sprawling Singaperumalkoil campus, Mahindra World City, Business Head, Vivek Sharma said about 35 acres was available while the remaining was occupied.