Mahindra, Om Metals JV to launch housing project in Hyd

To take up residential project in Hyderabad, Om Metals Developers, a special purpose vehicle of Om Metals, has partnered with Mahindra Lifespaces. The SPV is part of Om Metals Real Estate, a 100 per cent subsidiary of Om Metals Infraprojects, a hydro-mechanical engineering company.

Om Metals has entered into a developer-owner agreement with the Mahindra Group company and has launched Ashvita, a premium residential project at Kukatpally. The project, spread over a 10-acre site, is located on the main arterial road connecting Hitec City to National Highway-9. Mahindra Lifespaces will develop the site and own 80 per cent of the developed area rights in the project, and the remaining 20 per cent will be by OM Group entity, according to a statement.

OM Metals expects a revenue of Rs 75 crore as its share against an investment of Rs 20 crore for the 10-acre site. Vikas Kothari, Director, Om Metals Projects, said that Hyderabad is a very lucrative market. The venture will help monetise investments made in real estate. Om Metals have land banks spread across India and are developing them directly or through partners.