Realty developer Mahindra Lifespace Developers and an investment arm of Standard Chartered Bank have jointly invested in a residential project in Bengaluru.
"Bengaluru is one of the largest realty
markets driven by end users. The JV will by adsupply"> invest
50% each in the
projects that will come up," said Anita Arjundas, managing director and
chief executive officer at Mahindra Lifespaces. The project cost will be Rs 400
crore-450 crore.
50% each in the
projects that will come up," said Anita Arjundas, managing director and
chief executive officer at Mahindra Lifespaces. The project cost will be Rs 400
crore-450 crore.
According to Knight Frank, the real estate sector
in Bengaluru is continuing to outperform other sectors. The city saw maximum
project launches and also registered the highest yearon-year increase in
absorption of residential units in the quarter to September 2014.
"The proposed developments will be undertaken
through Mahindra Homes. The first project under this joint venture platform
came up in Gurgaon," she said.
In 2013, Mahindra Lifespace Developers. a
wholly-owned subsidiary of Mahindra & Mahindra, and an by
adsupply"> investment arm of Standard
Chartered Bank entered into an equal joint venture for development of
residential projects in India. The combined by adsupply"> investment commitment by
both the entities is around Rs 1,000 crore over multiple projects.
arm of Standard
Chartered Bank entered into an equal joint venture for development of
residential projects in India. The combined by adsupply"> investment commitment by
both the entities is around Rs 1,000 crore over multiple projects.
The proposed project, Wind Chimes, will come up in
Bannerghatta Road in Bengaluru over a 5.8 acre land parcel that Mahindra
purchased two years ago.
The project will include 3BHK, 3.5BHK and 4BHK
apartments priced between Rs 1.3 crore and Rs 2.2 crore. The apartments will be
spread over 1,800-3,000 sq ft.
With its footprint in nine cities, Mahindra
Lifespace has 10.38 million sq ft of ongoing and forthcoming projects. The
company had a total debt of around Rs 1,200 crore with a debt-equity ratio of
0.8 as on March 2015.
Fund houses such as Xander, Ascendas, StanChart RE,
Canada Pension Plan Investment Board and Blackstone have committed big bucks to
the Indian real estate sector. While Canada Pension Plan Investment Board
invested $200 million in Shapoorji Pallonji Group, StanChart RE invested $100
million in Mahindra Lifespaces.
SOURCE: THE ECONOMIC TIMES
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