Sunil Mantri Group launches project in Bangalore
Business Line, January 14, 2010, Page 3
500 units in Rs 35-70 lakh range to be developed.
Our Bureau, Bangalore
With IT sector showing signs of revival, real estate developer Sunil Mantri Group launched a project in Bangalore mainly targeting the IT employee.
The location was chosen because of its proximity to the IT corridor, “we have been marketing our project among IT employees,” said Mr Sunil Mantri, Chairman, Sunil Mantri Group.
“The response from our target group has been very good, due to the pent-up demand which is a clear sign of revival,” he added.
The project, which would develop 500 units in the Rs 35 lakh to Rs 70 lakh price range, would be located on Sarjapur Road. In fact, Bangalore has come back on the radar of this company as it has plans to invest Rs 500 crore in this city.
Another project, Mantri Megapolis, would also be located on Sarjapur Road, which would see development of about 2,000 units in the mid-market segment. The company plans to launch another project in Bangalore at Kanakpura Road, Mantri Aquanox, which would develop 300 units.
The company would fund about 50 per cent of these projects through internal accruals, while the rest would be raised from private equity through SPV-level dilution.
Sunil Mantri Group also wants to increase its land bank in Bangalore by about 200 acres.
“We are aggressively looking at land acquisitions of about 200 acres, and are negotiating with a few developers in the city,” said Mr Mantri, adding that the company would focus on joint development on these land parcels.
Hospitality is another segment that the company wants to enter into, with plans to create 1,000 rooms by 2013.
“About 25 per cent of this would be in Mumbai, while the rest would be across India,” he said. “About 80 per cent of these would be in the three-star category, under the brand Mantree,” added Mr Mantri.
Business Line, January 14, 2010, Page 3
500 units in Rs 35-70 lakh range to be developed.
Our Bureau, Bangalore
With IT sector showing signs of revival, real estate developer Sunil Mantri Group launched a project in Bangalore mainly targeting the IT employee.
The location was chosen because of its proximity to the IT corridor, “we have been marketing our project among IT employees,” said Mr Sunil Mantri, Chairman, Sunil Mantri Group.
“The response from our target group has been very good, due to the pent-up demand which is a clear sign of revival,” he added.
The project, which would develop 500 units in the Rs 35 lakh to Rs 70 lakh price range, would be located on Sarjapur Road. In fact, Bangalore has come back on the radar of this company as it has plans to invest Rs 500 crore in this city.
Another project, Mantri Megapolis, would also be located on Sarjapur Road, which would see development of about 2,000 units in the mid-market segment. The company plans to launch another project in Bangalore at Kanakpura Road, Mantri Aquanox, which would develop 300 units.
The company would fund about 50 per cent of these projects through internal accruals, while the rest would be raised from private equity through SPV-level dilution.
Sunil Mantri Group also wants to increase its land bank in Bangalore by about 200 acres.
“We are aggressively looking at land acquisitions of about 200 acres, and are negotiating with a few developers in the city,” said Mr Mantri, adding that the company would focus on joint development on these land parcels.
Hospitality is another segment that the company wants to enter into, with plans to create 1,000 rooms by 2013.
“About 25 per cent of this would be in Mumbai, while the rest would be across India,” he said. “About 80 per cent of these would be in the three-star category, under the brand Mantree,” added Mr Mantri.
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