News & Views on Indian Real Estate

Monday, August 04, 2008

Sunil Mantri Realty Signs a Deal with Special Area Development Authority

Mumbai-based developer, Sunil Mantri Realty Ltd, has signed a memorandum of understanding with the Special Area Development Authority (SADA) of Gwalior for developing a hi-tech city on 2,000 acres. They are planning a total investment of around Rs 2,000 crore which will be spread over 8-10 years. As per the agreement, the land acquisition will be done by SADA in accordance with the 'ready reckoner' and Mantri will offer a premium over and above it. The investments will be made to develop an IT park, an SEZ and leisure area along with swimming pools, theatres and health clubs of 100 acres each in the project.