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Mahindra Lifespace Developers Ltd, the realty arm of Mahindra Group, has acquired around 550 acres of land in the Northern part of Chennai to set up its second integrated business city, Mahindra World City, in the State. The company's final intent is to acquire around 600-650 acres for the project. The company said that Phase I of the development can be taken up somewhere along the second half of this financial year.
Sources said that the project's overall investment will strech to around Rs 4,000 crore.
Speaking to analysts after announcing company's results, MD & CEO Anita Arjundas said that the company acquired close to about 550 acres at the moment, and the final intent would be around 600-650 acres
"There are obviously, some critical parcels that we need, largely from the government, to be able to complete contiguity. But, we will be looking at working with possibly Phase I of that development which is today contiguous and can be taken up somewhere along the second half of this financial year. That would be activation from a point of view of planning, approvals, etc., not really sales," she said.
According to her, around half of the total size, which the company is planning, which would be around close to 300 acres, will be contiguous land.
The proposed new facility, will have Domestic Tariff Area (DTA) rather than the special economic zone (SEZ). The new city will target investors from engineering and manufacturing sectors and the facility would create around 33,000 jobs.
Mahindra Lifespace, the real estate and infrastructure development arm of Mahindra group has poineered the concept of integrated business city through Mahindra World City development in Chennai and Jaipur.
Eleven years before the company established its first Mahindra World City at Maraimallai Nagar, near Chennai, which spread over. Till the date the company has procured 1,524 acres, of the total project area of 1,558 acres. Total number of Customers: 63 (49 operational).
