Urbanrise acquires land parcel from Mahindra Life Spaces

Urbanrise intends to build around 2,000 plus units; work will commence in August and the units will be priced between ₹45 lakh and ₹90 lakh

March 31, 2023 06:10 pm | Updated 06:10 pm IST - CHENNAI

Urbanrise, an Alliance Group Company, has acquired 9.24 acres of land parcel from Mahindra Life Spaces.

The company will be developing 2 million sq. ft of high-rise apartment at Mahindra World City, earmarking an investment of ₹700 crore. The firm intends to build around 2,000 plus units and will be commencing construction work in August. The project is expected to be completed by 2026. The units will be priced from ₹45 lakh and will go up to ₹90 lakh.

Commenting on this land acquisition, Manoj Namburu – Chairman and Managing Director of Urbanrise, said: “Urbanrise has projects on all major neighborhoods in and around Chennai and with this new project, we will reach out to the homebuying community in and around Mahindra World City on the G.S.T. Road.”

The new residential community will house futuristic and innovative amenities and is expected generate a top line of ₹1,200 crore.

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