Mahindra Lifespace Developers Limited (MLDL) has entered into a long-term joint venture with Japan’s largest real estate firm, Mitsui Fudosan Group, with Mahindra Blossom in Bengaluru as the first project under the partnership.
Mahindra Blossom is a premium, high-rise residential development with a gross development value (GDV) of Rs 1,900 crore, comprising approximately 730 homes, located near Hopefarm Channasandra Metro Station on the Namma Metro Purple Line in the Whitefield area. Positioned along one of Bengaluru’s leading information technology and employment corridors, the project is the city’s fourth net-zero waste residential development, according to MLDL.
Amit Kumar Sinha, managing director and chief executive officer, MLDL, 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.”
Mahindra Blossom marks Mitsui Fudosan Group’s entry into India’s residential sector. The Tokyo-headquartered firm entered India in 2020 through a $1 billion tie-up with the Bengaluru-based real estate company RMZ for a commercial project in Bengaluru.
Daijiro Eguchi, managing director, Mitsui Fudosan (Asia), said, “India represents a highly attractive residential market driven by strong economic fundamentals and rapid urbanisation. Together with Mahindra Lifespace Developers, we aspire to create a marquee residential development, driven by innovation and inspired design, that seamlessly blends global standards of quality and sustainability with deep local insight, contributing to the long-term evolution of India’s urban living environment.”
Mitsui Fudosan Group has been conducting business in cities in China, Taiwan, Southeast Asia, India and Australia, as well as Western countries such as the US and the UK.
On the other hand, MLDL’s development footprint spans 53.65 million square feet (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities, and over 5,000 acres of ongoing and forthcoming projects under development or management at its integrated developments and industrial clusters across four locations.
This partnership adds to the increasing Japanese investments in Indian real estate. Prominent Japanese realty companies such as Sumitomo Realty & Development, Daibiru Corporation — a subsidiary of Mitsui O.S.K. Lines (MOL) — and Sumitomo Corporation have been building their India portfolios over the past few years across the commercial and residential segments.
