Bangalore-based Mantri Developers forays into Pune residential market

Even though the Pune real-estate market is flooded with projects, Bangalore-based Mantri Developers announced their foray in the city's residential segment with the launch of two projects and a total investment of Rs 350 crore.

The first project, Mantri Vantage, comprises three towers with a total of 306 units located at Kharadi off the Pune-Ahmednagar Road. The total value of this project is of Rs 250-crore and will have apartments in the Rs 70-90 lakh bracket. It will be completed in three years’ time.  The second, a premium project at Sopan Baug with 18 apartments, each around 4700 sq ft in size, is of a total value of around Rs 100 crore. The company is developing projects in Bangalore, Chennai, and Hyderabad. It has also developed a commercial project in Pune.

"After delivering residential projects in cities like Bangalore, Chennai, and Hyderabad, Pune is the ideal market for us. We will expand our footprints in Pune by launching more residential projects in future.  As a company, we are constantly reinventing the wheel to redefine luxury by developing innovative projects and we strongly believe in providing the best living spaces to our customers," said Sushil Mantri, chairman and managing director, Mantri Developers.

Sobha Developers, another real estate player from Bangalore is also expanding its base in Pune and with projects like Sobha Ivory, Sobha Garnet & Sobha Orion in the south west corridor of Pune.

The entry of new developers in the city has been despite the already existing investory. Pune market has witnessed a total  inventory of 67,500 units in the year 2014.  New residential launches in the second half (July-December) of 2014 shrunk by nearly 26 per cent compared with the corresponding period in 2013, said commercial and residential property consultancy agency, Knight Frank India.  According to the Report,  sales within the Pune residential market is expected to decrease from 38,800  units in 2013 to 34,870 units in 2014 with a fall of 10 per cent.