Sunil Mantri Realty, a Mumbai-based real estate developer, plans to invest Rs 1,000 crore to take up residential projects in Karnataka.
Addressing a press conference here to launch the company’s new projects, Sunil Mantri, chairman, Sunil Mantri Realty, said, “The company will invest Rs 500 crore by 2009 and the remaining by 2011. In the first phase, Rs 400 crore will be spent on Bangalore.”
“This year, with a budget of Rs 50 crore, we are launching small residential apartment projects on the Kanakapura road and at Banaswadi. Next year, with a budget of Rs 350 crore, we plan to take up six small township developments in Bangalore for which land has already been acquired. We are currently waiting for licences,” he added.
The company, with a budget of Rs 600 crore, is also eyeing tier-II cities in Karnataka like Belgaum, Hubli, Bellary and Mysore for low-cost housing-cum-township developments.
For investments in Karnataka, the company on its own will be pumping in Rs 500 crore while the balance will be raised through debt from banks. “We are expecting to realise Rs 2,500 crore from our investments in five years,” said Sunil Mantri.
In Belgaum, the company is in possession of 200 acres, near the proposed Vidana Soudha, on which it plans to take up low and middle-income housing projects along with villa and apartments projects.
“Currently, we are in discussion with land owners and will be creating landbank in Hubli, Bellary and Mysore in 2009 to launch projects in 2011,” Sunil Mantri said.
Sunil Mantri on Tuesday launched its first residential project ‘Mantri Royale’ on three acres on Kanakapura road in Bangalore.
