Urbanrise Purchases 9.24 Acre Land Parcel From Mahindra Life Spaces

Real estate developer Urbanrise has acquired a land parcel of 9.24 acre from Mahindra Life Spaces to develop a two million sq ft luxury highrise apartment community at Mahindra World City in Singaperumal Koil town about 45 km from here, the company said on Friday.

The Alliance Group company's latest project is located near Chennai's satellite town of Maraimalai Nagar.

The real estate developer plans to invest Rs 700 crore in this project, which has an estimated revenue potential of Rs 1,200 crore, a company statement said here.

"Urbanrise has projects in all major neighbourhoods in and around Chennai city, and with this new project we will reach out to the aspiring home-buying community in and around Mahindra World City on GST Road," Urbanrise Chairman and Managing Director Manoj Namburu said.

"We are extremely excited about this acquisition and are looking forward to developing a world-class residential community," he said.