Ritesh Jadhav


05
Mai
Sunil Mantri’s Company Had Plans To Develop 2,000 Acres Hi-Tech City!
05.05.2014 17:33

Tech cities at places other than Bengaluru which is a major IT hub in India might be a dream. However, to fulfil such dreams is the main objective of the leading luxury real estate developer of the country Sunil Mantri. The man has constructed a large number of residential as well as commercial projects, IT parks and SEZs in India and plans to continue. The Mumbai-based developing company Mantri Realty which is owned by Sunil had also signed a memorandum of understanding with the Special Area Development Authority (SADA) of Gwalior to develop a hi-tech city on 2,000 acres there. The real estate player decided to pay for the land, which the Gwalior authority will acquire for it, and the development would include 25,000 residential units under public-private-partnership.

 

Sunil Mantri’s plans to develop 2,000 acres hi-tech city required a total investment of around Rs. 2,000 crore spread over 8-10 years. Phase I of the project was scheduled to begin in 2008. The deal was signed at an investors meet organised by the Madhya Pradesh Government. The agreement read, “The land acquisition will done by SADA in accordance with the ready-reckoner and Mantri Realty Ltd will offer a premium over and above it. Mantri will make the actual land cost, plus the premium it offered to the authorities for disbursement to the land owners.” Talking about the same Mr Sunil Mantri, Chairman, Mantri Realty Ltd said, “The cost of an acre would be in the range of Rs 50-60 lakh.”

 

Mantri Realty Ltd also has plans to develop an IT park, an SEZ and leisure area complete with swimming pool, theatres and health club of 100 acres each in the project. Rs. 200-300 crore which was the initial investment was decided to be made through internal accruals and debt.Sunil Mantri added, “The Government has intentions of offering residential units of about 15 per cent of the total residential component to people displaced by earlier land acquisitions in the project.” The company is already developing three projects in Gwalior that includes premium residential, mall cum multiplex and commercial spaces.

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