Mahindra Lifespace Developers Ltd, the real estate development arm of the Mahindra Group, has won the bid to develop a residential project of around 25 acres for the Multimodal International Hub Airport in Nagpur.
The order, to be executed along with B.E. Billimoria & Company Ltd, consists of 2.74 million sq. ft of development of which 1.6 million sq. ft will be developed in phase-I. While MLDL will hold 70 per cent in the special purpose vehicle, BEBL will hold the remainder. The project will meet the housing requirement of Mihan for which Maharashtra Airport Development Company is the nodal agency. Phase-I of the housing project will be completed within 36 months from the date of agreement.