Mahindra to set up residential project in TN

Mumbai: Mahindra Residential Developers Ltd and ARCH Capital Asian Partners have entered into a joint venture to set up a 55-acre residential community at Mahindra World City SEZ.

According to Mahindra Lifespace Developers Ltd, the real estate and infrastructure development arm of the Mahindra Group, its subsidiary, Mahindra Residential and ARCH Capital, a private equity real estate fund, managed by ARCH Capital Management Co Ltd, will set up the residential community with support, retail and recreational facilities with the Mahindra World City, the SEZ coming up near Chinglepet, about 55 km south of Chennai on NH-45.

An exclusive community of around 750 residential units will be set up with development master-planned and designed by acclaimed international planners and architects. The Mahindra Group will own a 51 per cent stake in the joint venture, Mahindra Residential Development Ltd, and 49 per cent would be with an investment vehicle managed by ARCH Capital Management, the release said.