Mahindra, B.E. Billimoria wins residential project

Mumbai: Developers Ltd, the real estate arm of the Mahindra Group, and B.E. Billimoria & Co, a civil engineering company, have won a contract to develop a residential project at Nagpur.

The project was primarily offered to various firms to meet the housing requirement of the multi-modal international hub airport (MIHAN) at Nagpur.

The project consists of 2.74 million sq ft of development, of which 1.6 million sq ft of built-up area is to be developed in the first phase. The first phase is to be completed in 36 months. Total investment will be about Rs 500 crore over five years. The consortium will form a SPV (special purpose vehicle) in which 70 per cent equity will be held by the Mahinda Lifespaces and the balance by B.E. Billimoria.

Mr Arun Nanda, Vice–Chairman, Mahindra Lifespace Developers, said “The bid won by the company, states the reputation that the company enjoys in delivering healthy living spaces to its customers along with the comfort of fair and transparent dealings backed by the trust and credibility of the Mahindra Group; this was one of the primary factors for us to win the bid”.

The development of MIHAN area comprises the development of airport and aircraft maintenance area, special economic zone and support infrastructure.