Mahindra Lifespace Developers Ltd, the real estate and infrastructure development arm of the Mahindra group, has entered into a joint venture agreement with Singapore-based SCM Real Estate Pvt Ltd, the investment arm of Standard Chartered Bank to develop residential projects in India.
The development will be undertaken through Watsonia Developers Pvt Limted, a company in which both partners will hold 50 per cent stake. Premium residential projects in Gurgaon and Bangalore will be the first two projects under the new venture. The combined investment commitment in multiple projects is approximately Rs 1,000 crore.
All projects developed under the aegis of the venture will be marketed under the Mahindra Lifespace Developers brand.
As of today, Mahindra Lifespace has a presence in nine Indian cities and has developed over 8.3 million sq ft. It has over 11.3 million sq ft of ongoing and forthcoming projects including 1.55 million sq ft to be developed by the venture at Bangalore and Gurgaon.