Mahindra Lifespace, BE Billimoria bag Nagpur project
Mumbai: The Mahindra group's real estate and infrastructure development arm Mahindra Lifespace Developers in collaboration with BE Billimoria and Co will develop a residential project for the upcoming multi-modal internal hub airport at Nagpur (MIHAN).
The residential project in the scheduled land near a special economic zone (SEZ) and MIHAN, which is expected to attract $8 billion in investment, comprises 25 acres.
In the first phase of the project on land measuring 2.74 million sq.ft, a built-up area of 1.6 million sq ft will be developed. The first phase is expected to be completed within three years from the development agreement date.
The consortium will form a special purpose vehicle (SPV) to undertake the project. Mahindra Lifespace will hold 70 percent in the SPV, while the remaining stake will be with BE Billimoria.
IANS
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