Mahindra Lifespace to set up Rs 1,000 crore JV with Standard Chartered Bank

MUMBAI: Realty developer Mahindra Lifespace Developers and an investment arm of Standard Chartered Bank have entered into a joint venture for development of residential projects in India, a release said.

The total combined investment commitment by both the entities will be around Rs 1,000 crores over multiple projects.

The proposed developments will be undertaken through Watsonia Developers Pvt Ltd (WDPL), in which both, Mahindra Lifespace and SCM Real Estate (Singapore) Pvt Ltd, investment arm of Standard Chartered Bank will hold equal stake.

The first two projects under this joint venture platform will be premium residential developments in Gurgaon and Bangalore.

With its footprint in 9 cities across the country, Mahindra Lifespace has 11.3 million sq ft of ongoing and forthcoming projects including 1.55 million sq ft to be developed by the joint venture through its first two projects at Gurgaon and Bangalore.

All the projects developed under the aegis of the joint venture will be marketed under the Mahindra Lifespace brand, the release added.

On Friday, shares of Mahindra Lifespace Developers closed at Rs 445.85 on the Bombay Stock Exchange, down 0.8% over Thursday’s close.