Indian realty developer and Standard Chartered seal joint venture
Mahindra Lifespace Developers, a realty developer, entered into a joint venture with Standard Chartered Bank's investment unit to develop residential projects in India. Both companies' joined investment commitment would most likely reach INR 1,000 crores (US $20 billion) for several projects.
In a statement, the companies revealed that the joint venture's first two projects will be upscale residential developments located in Bangalore and Gurgaon. These, along with all other projects made under the venture, will be promoted through the Mahindra Lifespace brand.
Watsonia Developers Pvt Ltd will undertake the proposed projects. Mahindra Life Space and Standard Chartered Bank's investment unit, SCM Real Estate (Singapore) Pvt Ltd, have equal shares in Watsonia.
Mahindra Lifespace currently has 11.3 million square feet of existing and upcoming projects, which are scattered in nine cities across India. This includes the 1.55 million square feet development of the joint venture. Its share closed at INR 445.85 at the Bombay Stock Exchange on Friday.
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