An arm of Mahindra Lifespace, Mahindra World City Developers, has launched a new phase in the industrial zone of Mahindra World City Chennai with focus on engineering, automotive, logistics, electronics, and pharma companies, on an area of 42 acres. The mega project, which is located in the Domestic Tariff Area (DTA) at Mahindra World City Chennai, already has got 29 global and Indian companies setting up their operations. The 1,500 acre Mahindra World City Chennai, launched in 2002, comprises over 64 companies including the likes of BASF, BMW, Fujitec, Infosys, and Nissan. Mahindra World City Developers has launched two integrated business cities in Chennai and Jaipur of 1,500 acres and 3,000 acres, respectively. The company is also planning to build a 300 acre industrial park in Gujarat and has got all the government approvals. This will be the second industrial park by the company after the 650 acre industrial park in north Chennai along with Japan's Sumitomo Corporation. Piramal Fund Management, the realty investment arm of Ajay Piramal-led Piramal Enterprises, has invested in Ahuja Constructions' premium residential project Altus in Mumbai's Worli locality to support the project's total construction cost of Rs. 100cr. The project with a total built-up area of 2.34 lakh sq. ft. is estimated to generate revenue of Rs. 700-cr based on the current property rates in the vicinity, said official sources.
📅Published on:
25 September 2016
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