Mumbai: The Mahindra group's real estate and infrastructure development arm, Mahindra Lifespace Developers, in collaboration with BE Billimoria, will develop a residential project for the upcoming multi-modal internal hub airport at Nagpur (MIHAN).

The residential project in the scheduled land near a special economic zone (SEZ) and MIHAN, which is expected to attract $8 billion in investment, comprises 25 acres.

In the first phase of the project on land measuring 2.74 million sq.ft, a built-up area of 1.6 million sq ft will be developed. The first phase is expected to be completed within three years from the development agreement date.

The consortium will form a special purpose vehicle (SPV) to undertake the project. Mahindra Lifespace will hold 70 per cent in the SPV, while the remaining stake will be with BE Billimoria.

Source : IANS