)
Mahindra Lifespace Developers Ltd, the realty arm of the Mahindra Group, has acquired around 550 acres of land in north Chennai for setting up its second integrated business city in the state-Mahindra World City.
The company expects to begin work on Phase I in the second half of this financial year and intends to acquire a total of around 650 acres for the project.
Sources involved in the project confirmed overall worth of the venture to be around Rs 4,000 crore.
While an email to sent to Mahindra Lifespace MD and CEO Anita Arjundas went unanswered, speaking to analysts after announcing company's results, Arjundas said the company had acquired close to 550 acres, but had the intent to acquire 600-650 acre. "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," she said.
