HyderabadMarch 16Mantri Realty Ltd, the Mumbai-based real estate developer is entering the booming Hyderabad real estate sector with planned investments to the tune of Rs 800 crore in three major projects.
The projects to be partially funded by equity and debt, will see the creation of 12 million sq.ft. spread over a 60 acres property, the company has bought near the HiTech city on the old Mumbai road, according to Mr Sunil Mantri, Chairman of the company.
While the residential township with 3,000 apartments of average 1,500 sq.ft. housed in 10-20 floor buildings will consume 4 million sq.ft., a huge Mall to house retail shops would have 2 million sq.ft. The IT Park and Business space will take up 6 million sq.ft. and create a capacity for 25,000 people in the office area, Mr Sunil Mantri told newspersons here.
The maiden project in Hyderabad would be designed by Architects of international repute and is expected to achieve sales of approximately Rs 2,500 crore. The company plans to involve foreign equity partners also once the project achieves partial completion in line with the FDI norms in real estate, he said.
In addition to these, Mantri Realty is planning two residential complexes with about 1.2 m sq.ft., creating 800 apartments at Borampet, again on the old Mumbai road and another 600 apartments near Sainikpuri, both in Ranga Reddy district. The projects would be skyscrapers and the land acquisition has been completed.