Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, has formed a joint venture with Mitsui Fudosan for a premium residential project in the Indian state of Bengaluru.
The 730-home Mahindra Blossom project, which will have an end value of INR1,900 crore (€176m), is the first venture for the partners under this partnership.
Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers, said: “This joint venture with the Mitsui Fudosan Group marks a significant milestone for Mahindra Lifespaces.
“As Japan’s largest residential developer, Mitsui Fudosan sets global benchmarks in design, sustainability, and customer experience, and we look forward to integrating their best practices into the first joint project, Mahindra Blossom, one of our premium developments in Bengaluru. We are working towards expanding this partnership.”
Daijiro Eguchi, managing director, Mitsui Fudosan Asia, said: “India represents a highly attractive residential market driven by strong economic fundamentals and rapid urbanisation.
“Mahindra Blossom marks Mitsui Fudosan Group’s entry into India’s residential sector, and we are pleased to partner with Mahindra Lifespace Developers Limited, a trusted developer known for its commitment to sustainable development.”
Mitsui Fudosan first entered the Indian property development market in a US$1bn (€830m) 50-50 tie-up with another Indian company, RMZ, to build commercial projects.
To read the latest IPE Real Assets magazine click here.
