Mahindra to develop residential project

Mahindra Lifespace Developers Ltd. has entered into a joint venture with SCM Real Estate (Singapore) Pvt. Ltd., an investment arm of Standard Chartered Bank for developing residential projects in India.The proposed developments will be undertaken through Watsonia Developers Pvt. Ltd. in which both MLDL and SCM will hold equal stake. The combined investment commitment is approximately Rs.1,000 crore over multiple projects. The first two projects under this JV will be premium residential developments in Gurgaon and Bangalore.Commenting on the JV, Anita Arjundas, Managing Director and CEO, Mahindra Lifespace Developers Ltd. and Member, 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.”

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