Mahindra Lifespace, BE Billimoria bag Nagpur projectMay 6th, 2008 - 5:59 pm ICT by admin
Mumbai, May 6 (IANS) The Mahindra group’s real estate and infrastructure development arm Mahindra Lifespace Developers in collaboration with BE Billimoria and Co will develop a residential project for the upcoming multi-modal internal hub airport at Nagpur (MIHAN). The residential project in the scheduled land near a special economic zone (SEZ) and MIHAN, which is expected to attract $8 billion in investment, comprises 25 acres.
In the first phase of the project on land measuring 2.74 million sq.ft, a built-up area of 1.6 million sq ft will be developed. The first phase is expected to be completed within three years from the development agreement date.
The consortium will form a special purpose vehicle (SPV) to undertake the project. Mahindra Lifespace will hold 70 percent in the SPV, while the remaining stake will be with BE Billimoria.
Tags: 6 million, collaboration, consortium, developers, development arm, hub airport, infrastructure development, internal hub, mahindra group, mihan, residential project, s real estate, special economic zone, special purpose vehicle, sq ft, stake