Mahindra Lifespace Developers Ltd, the real estate and infrastructure arm of Mahindra Group, has entered into a joint venture agreement with SCM Real Estate Singapore, an investment arm of Standard Chartered Bank, for developing real estate projects across the country.
Both partners will collectively commit Rs 1,000 crore for multiple projects. The proposed developments will be undertaken through Watsonia Developers Pvt Ltd (WDPL) in which both parties will hold equal stake.
Mahindra Lifespace has already identified a few projects to begin with. The first two projects under the JV will develop premium residential buildings in Gurgaon and Bangalore.
Mahindra Lifespace has a footprint across nine cities in the country and has developed over 8.3 million sq ft. Its ongoing and upcoming projects cover close to 11.3 million sq ft, including 1.55 million sq ft to be developed by the JV through the two projects in Gurgaon and Bangalore.
All the projects which will be undertaken through the JV will be marketed under the Mahindra Lifespaces brand. Mahindra Lifespace has residential and integrated township projects in Chennai, Jaipur, Mumbai, Pune, Guragaon, Faridabad, Nagpur, Hyderabad and Bangalore.
Last year Mumbai-headquartered Godrej Properties tied up with a consortium led by Dutch pension service provider APG, with a commitment to invest close to Rs 770 crore to develop realty projects across the country. Godrej Properties holds 29 per cent stake in the venture. It has recently made commitment from this venture to develop a five-acre property in Okhla Phase I in Delhi with Southend Infrastructure Pvt Ltd.
(Edited by Joby Puthuparampil Johnson)