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Karnataka to receive record investment from Mantri

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Sunil Mantri Realty Ltd. is having plans to invest about Rs. 25,000 Crores in the future across the country. Company started its housing venture – Mantri Royale in Bengaluru, Chairman of SMRL said to www.propertykhazana.com that, “Ventures will be part-funded through a mix internal accrual and debt. SMRL has allocated Rs. 400-450 Crores for these ventures, also a township venture will cover an area of 200 acres and will be developed in Belgaum and in a Tier II city in Karnataka. Other Tier II cities in Karnataka under the company’s consideration are Hubli, Bellary and Mysore.”
SMRL is investing in Karnataka especially in the Tier II & III cities. Ventures with an overall pay out of Rs. 2,600 Crores will be promoted in Karnataka in the coming 4-5 years. Company’s equity in Karnataka ventures will be for about Rs. 550 Crores and extra Rs. 550 Crores will be debt fund as the leftover funds will be managed through customer’s advances. Mantri will initiate developing two residential ventures in 2008 and 6 township ventures each with 25 acres in 2009 in Bengaluru. For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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