News & Views on Indian Real Estate

Monday, June 16, 2008

MAN Industries to diversify into real estate sector

MAN Industries India, a line pipe manufacturer and part of UK's MAN Group, today announced its foray into real estate with a newly formed subsidiary MAN Infraprojects in Mumbai, where property prices have almost doubled in the last two years. It plans to invest 10 billion rupees over three years to develop seven real-estate projects in Mumbai, Navi Mumbai and Indore. The company expects realisation of 40 billion rupees from these projects which will have a total built-up space of 10 million square feet. In Phase I, MAN Infraprojects Limited plans to develop three projects two in Mumbai and one in Navi Mumbai with a total built-up area of over one million sq ft. In Mumbai, the company is planning two commercial projects in Bandra and Vile Parle. In Navi Mumbai, MAN Infraprojects Limited will develop a mixed-use township complete with a five-star hotel, a IT-cum-commercial centre besides a luxury residential block. The site is located opposite the D Y Patil stadium.