The real estate division of the Mahindra Group, named the Developers Ltd and a civil engineering company, named B.E. Billimoria & Co, have jointly won a contract for developing a residential project at Nagpur, recently. The sources related to the development have stated that the authorities offered the project to a number of companies in the initial stage for meeting the housing requirement of the multi-modal international hub airport (MIHAN) at Nagpur. The sources added that the project is consisting of 2.74 million sq ft of development and the companies are going to develop 1.6 million sq ft out of the total built-up area, in the first phase.
According to one of the highly placed sources related to the development, the companies are targeting to complete the first phase within a period of 36 months and they would make a total investment of about Rs 500 crore over five years. The source said that the consortium is thinking of forming a special purpose vehicle (SPV) for the purpose and Mahindra Lifespace will be holding a 70 per cent equity in the SPV. The remaining will be held by B.E. Billimoria.
Commenting on the issue, the Vice-Chairman of Mahindra Lifespace Developers, Mr. Arun Nanda said, "The bid won by the company, states the reputation that the company enjoys in delivering healthy living spaces to its customers along with the comfort of fair and transparent dealings backed by the trust and credibility of the Mahindra Group; this was one of the primary factors for us to win the bid". He informed that the development of MIHAN area is also comprising the development of airport and aircraft maintenance area, special economic zone and support infrastructure.
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| Posted : 5/9/2008 |
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