Hyderabad: Mahindra, Om metals forms JV for a residential project
Hyderabad- Mahindra Lifespace Developers Ltd has entered into a joint agreement with Om Metals Developers Private Limited to take up a residential project in Hyderabad.
Om Metals Developers Private Limited is a special purpose vehicle of Om Metals and a part of Om Metals Real Estate Private Limited which is a subsidiary of Om Metals Infraprojects Ltd. Mahindra Lifespace Developers are both into residential and commercial projects.
Om metals partnered with Mahindra Group company and launched a premium residential project in Hyderabad named “Mandira Ashvita” at Kukatpally which is close to the IT hub of Hyderabad. This project on 10 acres of land offers good connectivity to National Highway-9. It will offer two, three and four bedroom apartments with all novel amenities.
According to the statement filed in BSE stock exchange, Mahindra Lifespaces will develop the site and own 80 percent of the built-up area rights in Mandira Ashvita with remaining rights owned by OM group. It is assumed that through this agreement OM metals can monetize its investments made in real estate. OM Metals have invested Rs 20 crore and they are expecting a revenue of Rs 75 crore as its share.
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