Urbanrise to develop ₹700 crore luxury apartment community at Mahindra World City

Bengaluru-based real estate developer Urbanrise will develop a 2 million sq ft high-rise luxury apartment community at Mahindra World City near Chennai. The company will invest ₹700 crore in the project, which has an estimated revenue potential of ₹1,200 crore.

In a press release, the Alliance Group company on Friday said it has acquired 9.24 acres of land from Mahindra LifeSpaces for the project.  

Manoj Namburu, CMD, Urbanrise, said the company has projects in all major neighbourhoods in and around Chennai and with this new project, it will reach out to the aspiring homebuyers in and around the Mahindra World City on the Grand Southern Trunk (GST) road.

In February, Urbanrise acquired 96.5 acres in Chennai from Vees Properties with the plans to develop a mega township project with a development potential of 13 million sq. ft, with a revenue potential of ₹7,000 crore.