Over the next 2-3 years, real estate developer Mantri Realty plans to develop three housing projects in Maharashtra and Karnataka at a cost of Rs 750 crore, agency reports quoted a top official of the firm as saying.
One project each will be launched in Pune, Solapur and Bangalore during the period. Of these, the Pune project will be launched by March next year and will be a luxury housing project. The flats would be offered for Rs 1 crore each in the project.
The Pune project, at an investment of Rs 400 crore, would have about 8 lakh square feet area and would house around 350 flats. The company will also launch another luxury housing project in Solapur, Maharashtra next year, which will also have some commercial spaces.
The company would invest Rs 100 crore on the development of a project in Solapur which would have 100 units.
The Bangalore project, Mantri said it will be a group housing project and would be launched by the middle of next year. The firm plans to build 1,000 units in the Bangaluru project and the construction cost would be around Rs 250 crore.
When asked how the company is going to fund these investments, Mantri said it will be done through internal accruals, debt and selling stakes in the projects to private equity firms.
The real estate developer is currently developing 10 projects at various locations, mainly in Western India.