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Anjana Chandramouly

Mantri sees takers for 1,000 high-end apartments in a year

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Bangalore Feb. 22 The IT industry's growth in Bangalore has not only given an impetus to commercial infrastructure for the sector in the city, but also helped developers carve out a new `asset' class for the super rich professionals from the ordinary apartments.

The trend started in the city when Bangalore-based Mantri Developers launched their super premium residential project `Mantri Altius', a 17-floor invitational habitat with a built-up area of 85,000 sq ft in a prime locality in the city.

What was unique was that the developers themselves, through a selection process, shortlisted the occupants of the apartments.

Now the concept of high-end and super high-end apartments is gaining popularity.

According to Mr Sushil Mantri, Chairman and Managing Director, Mantri Developers, there will be takers for about 1,000 high-end apartments in a year. He said there are many people who can afford such apartments. High-end apartments are those priced at Rs 1 crore and above. "Altius is a big success, and there is demand for such exclusive apartments," he said.

New projects

The company will launch two super high-end projects in the city soon. "There would be 500 apartments (combined); one of the projects would come up in South Bangalore, while the other will be in North Bangalore," Mr Mantri said. Each project would cost Rs 500-600 crore, said Ms Snehal Mantri, Director,

Customer booking

The financing would be mainly through customer booking.

Though these are super high-end apartments, their prices would be lesser than the ones quoted for Altius; the latter was priced high because of its central location, Mr Mantri said.

The built-up area of the apartments would range from 2,500 sq ft to 8,000 sq ft, and they would be priced between Rs 1.5 crore and Rs 4 crore.

"These projects would have more facilities than what is available in Altius — such as home theatre, food court, covered swimming pool, badminton court, a large club house, a mini golf course, etc," said Mr Mantri.

Projects completion

These projects, to be launched in the next 2-3 months, would be completed in two years.

Unlike Altius, the selection of occupants for these projects would not be so stringent; "but there will be a selection criteria for owners," said Mr Mantri.

The company's retail project — a 6-lakh-sq-ft mall — near Malleshwaram has already been launched, said Ms Mantri.

The mall would have a multiplex and food court, besides the shopping area. The project, which would be managed by the company, would be completed in one-and-a-half years.

When complete, the mall would be the biggest mall in Bangalore, she added.

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