Urbanrise to invest Rs 700 crore for developing apartment community at Chennai’s Mahindra World City | Chennai News

Chennai: Real estate developer urbanizationAn Alliance Group company, announced on Friday that it will develop a two million square feet luxury skyscraper apartment community But Mahindra World City (MWC) in Chennai and earmarked an investment of Rs 700 crore for the purpose.
Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development business of the Mahindra Group, has transferred over 9.2 acres of residential land to UrbanRise.
The new residential community will provide futuristic and innovative amenities, which is expected to generate an income of Rs 1,200 crore, according to a statement.
“We as an organization are extremely excited about this acquisition and look forward to developing a world-class residential community in the city,” said Manoj Namburu, Chairman and Managing Director, UrbanRise.
Amit Sinha, Director and Board Member, MLDL, said, “The proposed development will add to what MWC Chennai has to offer and further strengthen the value proposition of this integrated city.”

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