14
Mai
Mantri Realty Ltd Had Drawn Up A Major Housing Plan In 2008!
14.05.2014 15:43

Building residential and commercial projects takes up a lot of time and money. A building cannot be constructed overnight. After branching out of his family’s textile business in the year 1986, Sunil Mantri entered the real estate industry in India with a dream to build a new country. After working on a few small projects, he gradually developed his own company. He is now the Chairman and Managing Director of Mantri Realty Ltd. Sunil is in this industry since more than 2 decades now and has also made much goodwill in the real estate sector. The Mumbai-based real estate player has been undertaking several housing and commercial projects since 2008. He had drawn a major housing plan in 2008.

The plan included housing projects worth Rs 20,000 crore across the country in the upcoming eight years. Sunil Mantri’s company had decided to invest Rs 2,500 crore in Karnataka in the next five years, 75 per cent of which will be in Bengaluru. Mantri Realty Ltd also found out ways to fund the projects. They decided to fund them through debt of Rs. 500 crore, Rs. 500 crore equity and the balance through customer advances. This project included residential houses and townships in Tier-II and Tier-III cities of Karnataka. Two residential projects in 2008 and six mega township projects with minimum 25 acres land in 2009, for which around Rs 350 crore was set aside were said to be launched. In addition, they had also planned a township project covering 200 acres to be developed in Belgaum, in Karnataka along with considering other Tier-II cities such as Mysore, Bellary and Hubli.

The major housing plan drawn in 2008 by Sunil Mantri’s Mantri Realty Ltd also comprised of a residential project Mantri Royale in Bengaluru which has been recently launched. More projects across 15 cities in India including Mantri Serene and Mantri Premero were launched. “The company intended to establish itself in 25 other cities by 2012, and promote budget housing costing between Rs 5 lakh and Rs 15 lakh in the near future,” said a company official.

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