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Our Bureau

May invest over Rs 500 cr each in Chennai, Hyderabad

Mr Sushil Mantri

Chennai May 27 The Bangalore-based Mantri Developers Pvt Ltd, which announced the launch of its first residential project here, plans to invest over Rs 1,000 crore in Chennai and Hyderabad in the next three years.

Mr Sushil Mantri, Chairman and Managing Director, Mantri Developers, said the company would invest in Chennai and Hyderabad over Rs 500 crore each in residential projects.

In the next three years, it hopes to develop four million sq ft of built-up space. The company is also planning projects in Pune.

These cities are natural choices for the company, which draws its customers primarily from the information technology sector. In Bangalore, more than 60 per cent of the company's revenue is from sales to employees in IT companies, particularly six of the largest companies.

These companies account for about 40 per cent of the recruitments every year, he said.

In Chennai and Pune, the automotive industry has a strong presence in addition to information technology. But at least half its business would be from those employed in information technology companies, which alone offer the kind of pay packets.

As the IT companies spread, Mantri grows with them, he said.

First project

Its first project in Chennai, at a cost of Rs 180 crore would be on the Old Mahabalipuram Road, at Padur, about 20 km from Chennai.

The residential project, Mantri Synergy, with 640 apartments of 2- and 3-bedrooms would be launched soon. The apartment sizes would be 1,385-1,800 sq ft with a basic cost of Rs 3,390 a sq ft. Ten towers each with basement, ground and 12 floors are planned, he said.

Mantri Synergy will also offer a clubhouse, swimming pool, gymnasium, sports facilities and supermarket.

More Projects

In six months, Mantri Developers would launch another project further along the Old Mahabalipuram Road involving investment of Rs 180 crore for villa-style and row houses. Over 240 units would come up on a 35-acre spread, he said.

In two months, the company would launch a residential project in Hyderabad, Mr Mantri said.

On long-term plans, Mr Sushil Mantri, said Mantri Developers is on a strong wicket with the international real estate player Morgan Stanley on board as a partner.

This gives Mantri Developers access to the latest trends internationally and will help keep it ahead in the market. The company will consider a public issue a few years down the line.

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