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Om Metals Developers Private Limited, a special purpose vehicle of Om Metals, has partnered with Mahindra Lifespaces to take up residential project in Hyderabad.
The SPV is part of Om Metals Real Estate Private Limited, a 100 per cent subsidiary of Om Metals Infraprojects Ltd., a hydro-mechanical engineering company.
Om Metals has entered into a developer-owner agreement with the Mahindra Group company and has launched Ashvita, a premium residential project at Kukatpally, close to the IT hub of Hyderabad.
The project, spread over a 10-acre site, is located on the main arterial road connecting Hitec City to National Highway-9. Mahindra Lifespaces will develop the site and own 80 per cent of the developed area rights in the project and the remaining 20 per cent will be by OM Group entity, according to a statement filed with the stock exchanges.
As per the filings, OM Metals firm expects a revenue of Rs 75 crore as its share against an investment of Rs 20 crore for the 10-acre site.
Vikas Kothari, Director, Om Metals Projects, in a statement said, "Hyderabad is a very lucrative market. The venture will help monetise investments made in real estate. We have land banks spread across India and are developing them directly or through partners."
The integrated housing project will have two to four bedroom apartments conforming to vaastu norms. It will also host play areas and space for multipurpose hall.
>rishikumar.vundi@thehindu.co.in
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