The Hindu Business Line : Mantri Developers to invest Rs 500 cr in Hyderabad

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Hyderabad Feb. 7 Mantri Developers, the Bangalore-based real estate major, has decided to invest up to Rs 500 crore in a slew of projects in Hyderabad during the financial year 2007-08. These include residential homes, retail space and IT infrastructure.

Explaining the company's plans to enter the Hyderabad market, Mr Sushil Mantri, Chairman and Managing Director, said the company has firmed up two projects, in which about Rs 150 crore will be invested, starting this fiscal.

A `mix use' project, with space of two million sq.ft, spread over a 12 acre plot in Madhapur is awaiting approval and is likely to be launched in May. It will have one million sq.ft for IT companies and an equal space for residential (2,3,4-bedrooms multi-storey homes) purposes. The project would be completed in two years, he told Business Line here.The second project, also in Madhapur, envisages 3-million sq.ft area. It would be totally residential and have 900 apartments of 2,3,4 bedrooms. "We hope this project would start in six months. Our commitment is for a clear title, value for money and timely execution and handover, for which we have made a name," Mr Sushil Mantri said.

Mantri Developers, which has seen an investment of Rs 300 crore from Morgan Stanley, is upbeat on Hyderabad, especially the quality residential space. With a pro-active Government, land availability, cosmopolitan character and shortage of quality housing, the city will see a big growth, he said.

"We want to cash in on the boom and hence have lined up big plans. An office with 10 staff will also be in place by end March," he said.

The mix of IT growth, multinational companies and high quality facilities, will spur the growth of good homes which is in short supply now.

"In the commercial space, big builders have already entered, created lot of space and a correction in prices, which went up recently has taken place. There should be good scope for growth in the residential space," Mr Sushil Mantri said.

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