Mantri to roll out six townships

BANGALORE: To meet the growing demand for mid-range apartments, Mantri Developers plans to roll out six integrated residential township projects comprising 30,000 units across Chennai, Bangalore and Hyderabad. Only 3,000 units are expected to come up in the first phase and the company plans to invest Rs 3,000 crore on the projects, the company’s MD Sushil Mantri has said. The apartments will be available in the Rs 30 lakh to Rs 3 crore range.

Mantri also plans to launch four new projects in Bangalore to address the mid-income segment in the next six months, Mr Mantri said. Demand for apartments in the Rs 30-40 lakh range is expected to spurt by 10-15% in Bangalore alone, he said. With only 1,200 apartments expected to hit the market in the coming months, Mantri hopes to cash in on this demand spurt. He said: “There has been a change in customer profile. Earlier, demand was driven mainly by IT professionals, which led to a price rise.” Currently, Mantri has six projects in different stages of construction in Hyderabad, Bangalore and Chennai.