Mahindra World City to develop residential space

Mahindra Gesco Developers Ltd, the property development arm of Mahindra, together with its subsidiary Mahindra World City, will develop residential space in Mahindra World City, the industrial park outside Chennai that is spread over 1,400 acres.

Arun Nanda, president, Mahindra World City Developers Ltd, told Business Standard that a special purpose vehicle (SPV) was incorporated as Mahindra Realty Ltd a month ago. The SPV will concentrate on developing residential complexes.

Initially, the SPV will construct over 4 lakh sq ft of residential apartments for Infosys employees in 20 acres of land.

Infosys Technologies is setting up India's largest software development centre to house 25,000 software professionals at an estimated investment of Rs 1,250 crore in Mahindra World City.

In the first phase for the new campus, Infosys plans to invest Rs 250 crore and build a facility that will have a capacity for 5,000 people and a built-up area of nearly one million sq ft.

The construction work will begin next month and 221 apartments will be completed in a year's time, he added. This will be the first residential development happening in 965 acres of saleable land in the industrial park.

About 642 acres which is dedicated as a special economic zone for auto, garments, software, engineering, bio-technology and other non polluting industries has fully been booked for project developments.

Residential, commercial and retail development will come up in the remaining 323 acres of land. Mahindra Gesco Development has to its credit 20 lakh sq ft of successfully completed projects and six lakh sq ft in various stages of completion.