Mahindra Lifespace Developers has announced the launch of ‘Aqualily’, a premium residential community being developed within the Mahindra World City, an integrated city.
Mahindra Lifespace Developers is the real estate and infrastructure development arm of the $6.3 billion Mahindra Group.
Addressing a press conference here on Thursday, Arun Nanda, Vice-Chairman, Mahindra Lifespaces Developers, said that the project was being developed by Mahindra Residential Developers, a subsidiary of Mahindra Lifespace, and Arch Capital, an Ayala Group of Company from the Philippines.
Mr. Nanda said Arch Capital and Mahindra Residential Developers would have equal partnership in the proposed project. The project would be constructed as a gated community and would have 760 units comprising villas, twin houses and luxury apartments. The price would range from Rs. 90 lakh to Rs. 1.70 crore.
The units would be leased to the buyers and would not be sold as was conventionally done. He said the total cost of the project would be around Rs. 400 crore.