Mantri's stroll in IT Park
The company is developing 60 acres for a mall, residential area and IT Park
The Mumbai-based Mantri Realty is coming up with a project comprising a mall, residential and IT Park, close to Hitec City.
The company has acquired 60 acres for developing 12 million sft, include 2 million sft of mall space for retail outlets and 4 million sft for residential township, meant for nearly 3,000 apartments.The rest 6 million sft will have IT Park and business areas.
The office area is expected to have a seating capacity of around 25,000. "The project is designed by architects of international repute. It is expected to achieve sales of Rs. 2,500 crore," says Sunil Mantri, Chairman, Mantri Group.
The company is also planning two residential complexes creating 800 apartments at Bowrampet. Another 600 apartments are also proposed near Sainikpuri. "The land acquisition for this project has been completed and development might commence by year end," says Mr. Mantri.
The company has already developed 10,000 apartments over 1.50 crore sft in eight cities while plans are afoot to make its presence felt in another 12 cities this year.
Finance from foreign promoters too was being worked on. Targeting tier-3 cities, it has also acquired 137 acres in Maharashtra at Nagpur, Sholapur, Latur, Nanded, Kolhapur and Sangli.
The idea was to develop IT spaces in such cities since it would be cost effective for companies.
"The IT space in metros and big cities is very expensive. Our idea is to offer them space at affordable cost," he says.
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