Another person close to Mahindra Lifespaces confirmed the company's Alibaug plans but refused to divulge investment details. "Mahindra Lifespaces is looking at three proposals including an outright purchase of land parcels and joint development. But it is too early to arrive on total investment figure."
The deal is likely to be finalised by March 2012.
Samira is Alibaug's biggest real estate player with a total land bank of 1,600 acres of which about 560 acres is likely to be developed within the next five years.
"If both developers agree for an SPV (special purpose vehicle), then Samira would bring the land on the table while Mahindra Lifespace would invest in the project," said a person close to the development. "The exact ownership of the SPV would be formulated only after the deal is finalised and at the kind of valuation Mahindra brand name could bring."
In the last couple of years, Alibaug has witnessed around 20-30% increase in prices.
Stock price of Mahindra Lifespaces ended up Rs. 8.3, or 3.4%, at Rs. 252 on Monday.