Mahindra Lifespace Developers to form JV with Standard Chartered Bank

Mahindra Lifespace Developers to form JV with Standard Chartered Bank

By SiliconIndia   |   Wednesday, July 31, 2013
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New Delhi : Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, has entered into a Joint Venture arrangement (JV) with SCM Real Estate (Singapore) Private Limited (SCM), an investment arm of Standard Chartered Bank, for the purpose of developing residential projects in India.

The proposed developments will be undertaken through Watsonia Developers Private Limited (WDPL), in which both, MLDL and SCM will hold equal stake. The combined investment commitment is approximately rs 1000 crores over multiple projects. The first two projects under this JV will be premium residential developments in Gurgaon and Bangalore.

Commenting on the JV, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd. and Member of the Group Executive Board, said, “Our association with Standard Chartered Bank marks an important milestone for us with a partner who is equally committed and optimistic about the opportunities for sustainable residential developments in India. This strategic relationship will leverage the expertise of both groups and become an important contributor towards our growth in the coming years”

With its footprint in 9 cities across the country, Mahindra Lifespaces has already developed over 0.8 million sqm (8.3 million sq ft) and has over 1.0 million sqm (11.3 million sq ft) of ongoing and forthcoming projects including 0.14 million sqm (1.55 million sq ft) to be developed by the JV through its first two projects at Gurgaon and Bangalore. All the projects developed under the aegis of the joint venture will be marketed under the Mahindra Lifespaces brand and the joint venture will build on the experience that Mahindra Lifespaces has developed over the last several years in the residential business.

Sources By : Mahindra Lifespace

 

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