Mahindra Lifespace Developers, a realty arm of the Mahindra Group, is all set to establish a new integrated business city in Chennai, Tamil Nadu.
The proposed project is a second integrated business city of the company in the city. It has already developed its first ‘Mahindra World City’ at Maraimallai Nagar, near Chennai.
The company has acquired 550 acre in north Chennai for the proposed ‘Mahindra World City’. The project will be developed in various phases. Mahindra Lifespace expects to commence work on Phase-I of the project in the second half of FY15. It also intends to acquire a total of around 650 acre for the project.
The new business city will entail an investment of around Rs 4,000 crore. It will have Domestic Tariff Area (DTA) rather than the special economic zone (SEZ).
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