Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has entered into a joint venture (JV) agreement with SCM Real Estate (Singapore), an investment arm of Standard Charted Bank, for the purpose of developing residential projects in India.
The proposed developments will be taken through Watsonia Developers, in which both, Mahindra Lifespace and SCM will hold equal stake. The combined investment commitment is about Rs 1,000 crore over multiple projects. The first two projects under this JV will be premium residential developments in Gurgaon and Bangalore.
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.