Mantri realty set to launch 6 new projects worth Rs 1500 cr
Mantri Realty is all set to invest Rs 1,500 crore on six housing projects within the next few months. The realtor is planning to develop around a total of 2,300 flats in Mumbai, Pune, Bangalore, Gwalior and Solapur in the next three years.
The demand for a project will be good if provided with good offers, said Mantri Realty Chairman Sunil Mantri. He added that the real estate market is gaining its stability with no further reduction in property rates and buyers are coming back.
However, the property prices are not likely to increase in the near future. But, the real estate developers have already been facing the heat of 15-20 percent upswing in prices of commodities like steel and cement compared to last year.
The firm has already acquired the land required to develop these projects. The developer said that they are aiming to develop projects across Central, Western and Southern India.
Mantri is planning to raise Rs 300-500 crore as debt from banks, while the rest will be drawn from bookings by customers and internal accruals.
The company plans to develop two projects in Mumbai of which one comprises of 80 luxury apartments priced between Rs 2 crore and Rs 5 crore. The other project will offer around 250 units priced at over rs 1 crore. The firm has also planned to offer a discount of Rs 500 per sq ft in the latter project.
In the pipeline, Manti realty also has a high-end residential project in Pune comprising 400 apartments with a price tag of Rs 1 to 2 crore approximately.
A affordable housing project in Gwalior, comprising about 1,200 units, is also in the pipeline of new launches. The flats in this project will be priced around Rs 8 to 25 lakh. To buy flat in this project, one can pay 75 percent of the total amount in 60 interest-free installments.
Sunil Mantri said that 100 residential units will be developed in Solapur with price a price range of Rs 50 lakh to Rs 80 lakh. A new phase in a mid-range housing project in Bangalore will be launched with 200 new flats priced at Rs 40-60 lakh.
At present, Mantri Realty has a landbank of over 500 acres while its total debt stands at Rs 100 crore. The developer is aiming to increase it to Rs 400 crore in this fiscal from Rs 250 crore in FY13.
The ongoing projects of Mantri Realty include Mantri Serene in Mumbai, Mantri Royale and Mantri Premero in Bangalore, Waterfront II and The Square in Solapur, and Mantri City in Gwalior.
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