News & Views on Indian Real Estate

Monday, October 06, 2008

Sunil Mantri Plans To Invest In Karnataka

Mumbai based real estate developer, Sunil Mantri Realty Ltd (SMRL) is planning to invest around Rs 20,000 crore across the country in the next eight years, a top official of the company said. Mr. Sunil Mantri, chairman of SMRL, said the projects would be part-funded through a mix of internal accruals and debt. The company is planning to invest in Karnataka and Tier II and Tier III cities. Mr. Mantri 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.

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