Mahindra Lifespaces, the real estate and infrastructure arm of the Mahindra Group and BE Billimoria have won a bid to develop a 25-acre residential project at Multi-modal Internal Hub Airport (MIHAN) at Nagpur.

The MIHAN project comprises of development of airport and aircraft maintenance area, special economic zone and support infrastructure.

In the first phase of the project on land measuring 2.74 million square ft and a built-up area of 1.6 million square ft will be developed. The first phase is expected to be completed within 36 months from the development agreement date.

The consortium will form a special purpose vehicle (SPV) to undertake the project. Mahindra Lifespace will hold 70 percent while the remaining stake will be held by BE Billimoria.

The company also plans to invest Rs 500 crore over five years to build a residential project in Nagpur.