Urbanrise to invest Rs 700 crore for developing apartment community at Chennai’s Mahindra World City

CHENNAI: Real estate developer Urbanrise, an Alliance Group Company, on Friday announced that it would develop two million square feet of luxury high-rise apartment community at Mahindra World City (MWC) in Chennai and earmarked an investment of Rs 700 crore for the purpose.

Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure development business of the Mahindra Group, has transferred more than 9.2 acres of residential land to Urbanrise.

The new residential community will house futuristic and innovative amenities, which is expected generate a top line of Rs 1,200 crore, according to a statement.

Manoj Namburu, chairman & managing director of Urbanrise, said, "We as an organization are extremely excited about this acquisition and are looking forward to developing a world –class residential community in the city."

Amit Sinha, director and board member, MLDL, said, "The proposed development will add to the offerings of MWC Chennai and further strengthen the value proposition of this integrated city."


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