Mahindra Lifespace Developers have submitted a master plan to the Rajasthan government to set up residential and social infrastructure projects in the Mahindra World city in Jaipur, a top company official said today.
The idea was conceptualised following the success of the Mahindra World City project near Chennai, the CEO of Mahindra Lifespace Developers, Sangeeta Prasad said.
She was talking to reporters after announcing the company's fifth residential project 'Lakewoods' located in the integrated township Mahindra World City, which would have 747 apartments spread across 9.33 acres.
Mahindra World City in Jaipur is spread across 3,000 acres and promoted as a public private partnership between the Mahindra Group and Rajasthan State Industrial Development and Investment Corporation.
"From what we have learnt from Chennai (Mahindra World City project), we have drawn out a business strategy and a plan for developing residential and social infrastructure in Mahindra World City, Jaipur," she said.
Currently, Mahindra Lifespace has two Mahindra World City projects one near Chennai and the other one in Jaipur.
Prasad said the master plan was submitted to the Rajasthan government for its approval.
"Once we get the master plan approval, you should be seeing us launching residential and social infrastructure project in next calender year. That is a big jump for Jaipur," she added.
Prasad noted that a UK based company, ARUP has designed the master plan for developing the project in Jaipur.
Stating that the company has about 70 customers in Jaipur, she said, "the other good thing that happened for Mahindra World City, Jaipur is that we got IFC as a strategic financial partner."
Prasad said Mahindra Lifespaces and the companies which are already present in Mahindra World City have invested Rs 4,000 crore, she said.
On the company's upcoming North Chennai industrial cluster project ORIGIN, under the Mahindra World City brand, Prasad said, the company received the "necessary approvals."
To a query about similar industrial clusters being set up in Ahmedabad, she said, the company was in discussion with a another firm who has been operating at the Mahindra World City, Chennai and plans to have a base in Gujarat.
Asked whether the company was looking at setting up industrial clusters under ORIGIN brand in other states, Prasad said her company was in talks with "couple of governments."
She did not elaborate further.
On the Lakewoods housing project announced today, Mahindra World City, Business Head (Residential), P Vijayan Janardhanan said, the project would have 747 apartments comprising 70 per cent of 2-BHK houses of about 750 square foot each, while the remaining three bhk apartments measuring 1,000 square foot each.
"Price of a squarefoot including carpet area is Rs 5,300. Two bhk house units will be 525 units while three bhk will be 222 units," he said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
