Mahindra Lifespace acquires 550 acres of land in North Chennai

Mahindra Lifespace Developers 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 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. Recently, the company has completed the sale of the property in Byculla, Mumbai with the Owner of property wherein the Company had development rights on the part of the property. The Company's share of the sale consideration was Rs 324.95 crore. Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.