Rs 500 crore to be invested by Mahindra Lifespaces in Bengaluru to create green RE project
Mahindra Lifespace Developers said on Tuesday that it planned to invest Rs 500 crore in Bengaluru to build its first “net zero energy” residential building, with a revenue potential of roughly Rs 650 crore. Mahindra Eden, which spans 7.74 acres, is a huge step forward in Mahindra Lifespaces’ goal of solely developing net-zero structures by 2030, according to a statement released here. Mahindra Lifespaces, the Mahindra Group’s real estate and infrastructure development business, would invest Rs 500 crore in the project’s construction, with the first phase projected to be finished by April 2027.
“The estimated revenue potential of the project is around Rs 600-650 crore,” the company said.
According to the corporation, the project would save over 18 lakh kWh of electricity per year, which is enough to power over 800 houses. The project’s remaining energy requirement will be satisfied with renewable energy from on-site solar and wind energy systems, as well as green energy purchased from the grid.
“Global climate change is one of the most pressing issues and buildings alone are responsible for around 36 per cent of the total energy consumption and close to 40 percent of carbon emissions. Building net-zero homes is one of the cornerstones of a reduced carbon future, thereby an important solution to climate change and we are committed to playing a leading role in this energy transition of the real estate sector,” Arvind Subramanian, Managing Director and CEO, Mahindra Lifespace Developers said.
