This project will be an addition to Mahindra World City’s existing residential and commercial offerings, a statement said. MWC Chennai already houses 2,500 families spread across multi-format residential options ranging from value to the premium segment.
Property developers, Mahindra Lifespace Developers, on Wednesday said that its arm, Mahindra World City Developers, has transferred 9.24 acres of land on perpetual lease within the Mahindra World City, Chennai to Alliance Budget Housing India for the development of a multistorey residential project.
“We are excited to welcome Alliance Group into the Mahindra World City. MWC Chennai is an integrated city with a thriving industrial zone combined with social amenities including a school, a hospital, a retail zone, multiple hotels, and a premium club. The proposed development will add to the offerings of MWC Chennai, and further strengthen the value proposition of this integrated city,” said Amit Sinha, Director and Board member, Mahindra Lifespaces Developers.
The land transferred to Alliance Budget Housing India will be used for developing a multi-storey residential project named, Urban Rise. Furthermore, the land is part of Mahindra World City (MWC), Chennai and the development will be executed by Alliance Group.
This project will be an addition to Mahindra World City’s existing residential and commercial offerings, a statement said. MWC Chennai already houses 2,500 families spread across multi-format residential options ranging from value to the premium segment.
Set up in 1994, Mahindra Lifespace Developers development footprint spans 32.97 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.
In January, the company secured a re-development project in Mumbai.
Stocks of Mahindra Lifespaces settled at Rs 335.55 apiece, up over 2.3 percent, when the market closed today, March 29. 2023.
(Edited by : Sangam Singh)
First Published: Mar 29, 2023 5:17 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!