Tuesday, October 7, 2008

Sunil Mantri unveils Karnataka plans

Source: http://www.financialexpress.com/news/Sunil-Mantri-unveils-Karnataka-plans/368008/

Mumbai-based real estate major Sunil Mantri Realty Ltd (SMRL) would promote projects worth around Rs 20,000 crore across the country in the next eight years, a top official of the company said.

Launching a residential project christened 'Mantri Royale' in Bangalore, Sunil Mantri, chairman of SMRL, said the projects would be part-funded through a mix of internal accruals and debt.

SMRL is betting big on Karnataka and Tier II and Tier III cities. He said the projects with an overall outlay of Rs 2,500 crore would be promoted in Karnataka in the next five years. The company's equity in Karantaka projects would be around Rs 500 crore and another Rs 500 crore will be a debt fund while the remaining funds would come from customer advances.

He said the company would launch two residential projects in 2008 and six mega township projects each with minimum of 25 acres in 2009 in Bangalore. SMRL has earmarked Rs 350 - Rs 400 crore for these projects, he added. In addition a township project covering 200 acres would be developed in Belgaum, a Tier II city in Karnataka. Other Tier II cities in Karnataka under the company's scrutiny are Mysore, Bellary and Hubli, he added. Currently, SMRL has presence in 15 cities and will spread across to another 25 cities by 2012. He also said that budget houses in the range of Rs 5 lakh to Rs 15 lakh would also be promoted in the coming years.

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