Mahindra Lifespace Developers, the real estate and infrastructure development arm of the $16.9 billion Mahindra Group, has launched its maiden project in Bengaluru, on Bannerghatta Main Road.
The company said that it will invest around Rs. 450 crore for its premium residential project in Karnataka. The project 'Windchimes' is spread over 5.85 acres and offer 3 and 4 BHK apartments.
Windchimes is one of the two projects funded by Mahindra Homes Pvt Ltd (MHPL), a joint venture between Mahindra Lifespace Developers Limited and SCM Real Estate (Singapore) Private Limited, an investment arm of Standard Chartered Bank. Both Mahindra Lifespace Developers and SCM Real Estate hold equal stake in the joint venture.
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With the Bengaluru foray Mahindra Lifespace is now present in cities like Mumbai, Pune, Nagpur, Gurgaon, Chennai, Hyderabad and Bengaluru.
“We are focusing on major cities and Bengaluru is in the top position after Maharashtra. We had failed three times in our earlier attempt to enter this market. This is our first property in Bengaluru and we are looking at one more property in the city,” said Mahindra Lifespace Developers Managing Director, Anita Arjundas.
The company also said, it is looking at a revenue of around Rs. 700 crore from the project over next four years. The project will have about 403 units 3 and 4 BHK and priced between Rs. 1.3 crore and Rs. 2.2 crore.
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The company's residential and commercial development footprint includes over 8.92 million sq. ft. of completed projects and over 10.38 million sq. ft. of ongoing and forthcoming projects.