Mantri Realty Chairman Sunil Mantri
NEW DELHI: Real estate developer Mantri Realty today said it will invest up to Rs 750 crore to develop three housing projects in Maharashtra and Karnataka over the next 2-3 years.
"We will launch 3 new projects next year. The total investments on construction of these projects will be Rs 700-750 crore," company chairman Sunil Mantri told PTI on the sidelines of NAREDCO summit here.
He added that one project each will be launched in Pune, Solapur and Bangalore during the period. Of these, the Pune project will be launched by March next year and will be a luxury housing project. The flats would be offered for Rs 1 crore each in the project.
"We will have about 8 lakh square feet area in the Pune project which will house around 350 flats. We will invest Rs 400 crore in the project," he added.
The company will also launch another luxury housing project in Solapur, Maharashtra next year, which will also have some commercial spaces.
"The Solapur project will have 100 units and we are going to invest around Rs 100 crore on its construction," he said.
Talking about the Bangalore project, Mantri said it will be a group housing project and would be launched by the middle of next year.
"We will build 1,000 units in the Bangaluru project. The construction cost will be around Rs 250 crore," he said.
When asked how the company is going to fund these investments, Mantri said it will be done through internal accruals, debt and selling stakes in the projects to private equity firms.
The real estate developer is currently developing 10 projects at various locations, mainly in Western India.