BANGALORE: MahindraLifespace Developers Limited (MLDL), the real estate business of the Mahindra Group, has entered into a joint venture with SCM Real Estate (Singapore) the investment arm of Standard Chartered Bank, to develop residential projects in India.
The proposed projects will be undertaken through Watsonia Developers Private Limited (WDPL), in which both MLDL and SCM will hold equal stake. However, all the projects developed under the aegis of the JV will be marketed under the Mahindra Lifespaces brand.
The JV has earmarked an investments of approximately Rs 1, 000 crore across multiple residential projects in India. The first two projects under this JV will be premium residential developments in Gurgaon and Bangalore.
Commenting on the JV, Anita Arjundas, MD & CEO, Mahindra Lifespace Developers and member of the group executive board, said, “Our association with Standard Chartered Bank marks an important milestone for us with a partner who is equally committed and optimistic about the opportunities for sustainable residential developments in India. This strategic relationship will leverage the expertise of both groups and become an important contributor towards our growth in the coming years”
Mahindra Lifespaces has already developed over 8.3 million sq ft of built space across nine cities in India, and over 11.3 million sqft of ongoing developments.