Urbanrise to invest Rs 700-cr in luxury apartment project in Chennai
Urbanrise, a subsidiary of Alliance Group, has announced plans to invest Rs 700 crore to develop a luxury high-rise apartment community in Chennai. The real estate developer has acquired a 9.24-acre land parcel from Mahindra Life Spaces (MLDL) at Mahindra World City (MWC), Chennai for this purpose. The project will comprise more than 2,000 units with innovative amenities, targeting homebuyers in and around MWC on GST Road, with construction expected to begin in August 2023. The development has an estimated revenue potential of Rs. 1,200 crore with price points ranging from Rs. 45 lakh to Rs. 90 lakh. The project is set to be completed by 2026.