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| Edited By: Pooja Sarkar |Source: DNA |Updated: Mar 17, 2018, 03:41 AM IST
Mahindra Lifespaces, which has a market capitalisation of Rs 2,000 crore, will launch its two World City projects — special economic zones — in Pune and Chennai in the next 1-2 years. Land acquisition is underway for the projects.
The company would acquire 3,000 acres in Pune and close to 1,000 acres in Chennai for the world city projects, said Anita Arjundas, managing director and CEO, Mahindra Lifespaces.
The realty company is divided into two segments — Mahindra Lifespaces, which undertakes the residential and commercial developments, and the Mahindra World City concept.
The Lifespaces segment is developing 8 million square feet in cities such as Pune, Mumbai, Nashik, NCR, Nagpur and Chennai. The new projects would be launched next month in the mid-market category with a price tag of Rs 20-50 lakh.
Mahindra Lifespaces for the first time is looking at taking up projects under the joint development model and plans to develop 3-4 projects in this mode.
Arjundas said, “New land acquisition would be under the joint venture and joint development model and we are acquiring land in different parts of the country.”
The existing Mahindra World City in Chennai, with an area of 1550 acres, is concentrating on bringing more customers in its domestic tariff area (DTA). The DTA zone has total 710 acres of which 100 acres are yet to be developed. The company plans to use 25 acres for industrial development and 75 acres for retail, commercial and lifestyle components.
Till March, 2010, Rs 2,500 crore has been spent on the project. The company plans to set up multi-specialty hospital, business hotel and hostels for single working professionals and premium clubs for varied activities.The Jaipur SEZ, a 74:26 joint venture between the Mahindra World City and Rajasthan Industrial Corporation, plans to launch its light engineering and automotive SEZ in next few months.
