The Hindu Business Line : Mantri Developers to launch second high-end project

Bangalore April 15 Bangalore-based real estate company Mantri Developers Pvt Ltd have announced the launch of their second super high-end project in the city. "Mantri Espana is our largest project to date; the architecture emulates designs inspired by the Spanish and Moorish culture," said Mr Sushil Mantri, Chairman and Managing Director. "Our target customers are those from the IT sector, especially on the Outer Ring Road."

Mantri Espana would be developed on a 15-acre campus on Outer Ring Road and will have four- and five-bedroom apartments ranging from 2,500 sq ft to 8,500 sq ft. Apartment would cost between Rs 1.5 crore and Rs 3.5 crore, Mr Mantri said on Saturday.

Various Amenities

"Amenities here will include a nine-hole, floodlit golf course, a 60,000-sq-ft club house, five swimming pools, a mini theatre, a business lounge, separate spas for men and women, library and bar lounge, among others," he added. "If customers want, we would maintain their homes too. We have also tied up with leading food chains to put up their stalls at the food court in the complex." Mr Mantri hopes to tie up with leading food and beverage brands such as Café Coffee Day and Pizza Hut, "because these are what kids want today", he said.

Funding for the project would be through internal accruals and sale proceeds, he said. He added that the company plans to launch similar projects at Whitefield and Jakkur, both city suburbs.

Besides, Mantri Developers has started negotiating with leading hospitality brands. "Three top brands have been short-listed. We will have tie-ups with one or two of them, announcement for which would be made soon." These brands do not have a presence in Bangalore, he said, refusing to give further details. "We would be mainly getting into the five-star hotels and serviced apartment space. They would be on `build and own' basis and management would be outsourced."

These hotels and serviced apartments would be a part of large developments. "It would be more of an integrated township model, which is the future for real estate development," he added.

The mall currently under development at Malleshwaram would have a three-star hotel, Mr Mantri said. Another mall — about three lakh sq ft — is being developed at J.P. Nagar, he added.

There would be greater focus on Hyderabad and Chennai, Mr Mantri said. Three projects in the Hi-Tech City in Hyderabad and two on the Old Mahabalipuram Road in Chennai are being planned. One five-star hotel would be developed in both cities in these localities. Land has been acquired already, he said, adding that the projects are in the planning stage.

Commenting on the home loan interest hike, he said that the move has impacted the budget apartment segment of the industry. Loan eligibility or the affordability index has come down by about 30 per cent, he added. "But interest rate hike is a temporary phenomenon," he added.

The company does not have IPO on its cards for the immediate future, "not at least for the next two-three years. Currently, our financial liquidity position is quite strong. We want to build the value within the company further and then go for an IPO," Mr Mantri said.

More Stories on : Real Estate & Construction | Karnataka | Outlook

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Auto retail: FICCI seeks review of tax laws

`All steps taken for moderating inflation'

AP may get Rs 30,000-cr Plan outlay

Reforms in public governance will alleviate poverty: Shekhawat

India, Azerbaijan agree to co-operate in oil sector

Townships, new mantra for real estate developers

APGENCO net zooms to Rs 143 cr

BHEL getting more orders from oil sector

CDM tag for two more Lanco hydel projects

Cos with captive coal, ore mines may get nod to sell excess output

Mantri Developers to launch second high-end project

`Focus on people, not processes'

Agenda for the week

`Potential for exporting 20 mkg tea to Egypt'

Galla Foods bullish on mango export to Japan

`Cement imports from Pakistan may not impact retail costs'