After consolidating its position as an industrial destination, Mahindra World City is fast emerging a destination for residential space as the promoters offer built up residential space spanning the premium and luxury segment to the middle income housing.
MWC is a 1,500-acre industrial and commercial facility with three Special Economic Zones for IT and ITES, auto ancillary and apparel and fashion accessories. It also has a domestic tariff area and space for residential and commercial development to make it an integrated business city. The project is promoted by the Mahindra Group and the Tamil Nadu Industrial Development Corporation, a state-run agency that facilitates industrial development. The facility is located about 50 km to the south of Chennai on NH45.
MWC will soon house over 60 companies – 40 are now in operation, mostly IT companies, employing over 30,000 people. It boasts a school; next year a Holiday Inn Hotel will start operations. The Mahindra Group is rounding the township off with a range of residential projects for diverse segments. These are in advanced stages of development and many on the verge of being handed over to buyers, says Sangeeta Prasad, Chief Operating Officer.
Across market segments
The residential projects span a range of market segments with villas for over Rs 2 crore; apartments ranging between Rs 50 lakh and Rs one crore at the Aqualily, to the mid-market Iris Court offering apartments of about Rs 35-50 lakh.
The real estate development is by Mahindra Lifespace Developers.
Sylvan County is a third project with more apartments.
At Aqualily, the company offers over 151 villas of which 41 are to be handed over soon.Over 610 apartments are also planned in four phases. Over 80 units have been sold out in the first phase, the second phase of development is also sold out and the company is planning a third phase.Its first residential development was Sylvan County with 212 homes on a 22-acre plot. When completed both projects will add over 1,500 homes at Mahindra World City.
There is a keen demand for rental space as the industrial hub sees a growing work force, says Prasad.