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News & Views on Indian Real Estate

Wednesday, May 28, 2008

Mahindras to drive into low-cost housing projects

Mahindra Lifespaces Developers (MLDL), the housing and real estate arm of the $ 7.5 billion (Rs 30,566 crore) Mahindra Group, is planning to enter the business of building low-cost houses for the middle-income group. Low-cost houses have become a fad among young people, as they are available at an affordable cost of Rs 25-30 lakh. The company has tied up with BE Billimoria and Co (BEBL), which specializes in construction technology, to bring down construction costs in the long run. The group’s principal activity has shifted its focus to developing residential and commercial real estate, with a special focus on housing. The company has announced that it is going to develop 25 acres of land at the Multimodal Internal Hub Airport of Nagpur (MIHAN), at a total investment of close to Rs 500 crore. The development of MIHAN area will broadly comprise development of airport and aircraft maintenance area, special economic zone and support infrastructure. The investment towards land will be Rs. 21 crore initially and this will go up to Rs. 75 crore over three years. The MLDL-BEBL consortium will form an SPV (special purpose vehicle) company to undertake the project, in which 70 per cent equity will be held by MLDL and 30 per cent by BEBL.

Vikas Bamotra said...

THINGS are moving at an astonishing pace at the Multi Modal International Cargo and Passenger Hub Airport at Nagpur (MIHAN). The Central Facility Building (CFB), being built in an area of 22,000 square meters, is expected to be completed by July 2008

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