Chennai, Nov 12 (Inditop.com) Real estate developer Mahindra Residential Developers will construct 760 dwelling units comprising villas and apartments on an outlay of Rs.400 crore at Mahindra World City near here.
“In the first phase, we will be building four types of villas numbering 150 units, and later construct 610 residential apartments,” said Mahindra Residential executive director and vice chairman Arun Nanda.
“The total project cost is Rs.400 crore and it will be an equal mix of equity and debt,” Nanda told reporters here Thursday.
Mahindra Residential is a joint venture between Mahindra Lifespaces, the real estate arm of the $6.3-billion Mahindra group, and private equity fund Arch Capital, part of the Philippines-based Ayala Corp.
Nanda said the villas and apartments would be leased out for 99 years and not sold outright.
“Leasing may be new to the Tamil Nadu market. But in New Delhi and Mumbai, government agencies only lease out. Our lease is for 99 years and it is as good as a sale,” he said.
The project is being built over 55 acres.
The cost of the villas and twin houses range from Rs.1 crore and to Rs.1.75 crore while apartments would be priced Rs.40 lakh onwards.
