Chennai, May 25: Mantri Developers Pvt. Ltd., a well-known name in Bangalore real estate world, has signaled its foray into Chennai by announcing its maiden real estate venture here.

The inaugural project in Chennai will come up at Padur on the Old Mahabalipuram Road. Christened Mantri Synergy, the project will come up on a 10-acre land. It will contain 10 blocks, each comprising 12 floors. These will house 640 apartments in 2BHK (bedroom, hall and kitchen) and 3 BHK formats.

Addressing a press conference here on Friday, Sushil Mantri, Chairman and Managing Director, said these apartments would sport contemporary architectural style. Mantri Developers, where Morgan Stanley has 10 per cent equity stake, had invested close to Rs.60 crore in land acquisition. The company would spend around Rs.120 crore in construction, he added. The starting price would be Rs.3,390 per square feet, he said. The project would be launched on Sunday. It would have a 30-month gestation period, he added. Apartment sizes would vary between 1,385 square feet and 1,800 square feet, said a company release.

Fielding a range of questions, Mr. Mantri said his company would launch one more residential project on the Old Mahabalipuram Road six months hence. It had already acquired 35 acres for the project and was waiting for all government clearances before formally launching the project. The company had invested close to Rs.180 crore in acquiring 35 acres.

Mr. Mantri said the Chennai project too would target software professionals. In this context, he said close to 60 per cent of the revenue for the company came be selling apartments to software professionals in six firms - Wipro, Infosys, Honeywell, HP, Oracle and TCS. He cited a couple of factors for entering other cities like Chennai and Hyderabad. For one, it was an essential strategy to de-risk the business. For another, it was also occasioned by the decision of its aforesaid corporate clients to move into other cities. These six firms were creating over 40 per cent of the new jobs in Bangalore, he said. Further, the salary levels of software professionals were much higher compared to professionals in other spheres, he pointed.

To a question, he said Mantri Developers had built around six million square feet residential space in Bangalore. Another 12 million square feet was under construction in that city, he added. In three years, he said his company would have built four million square feet residential space each in Chennai and Hyderabad.
Source: The Hindu 25th May, 2007
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