Sunil Mantri Realty to invest Rs 500 cr in B'lore

The city-based Sunil Mantri Realty today said it will invest Rs 500 crore in Bangalore and is planning to raise Rs 1,000 crore through the PE route to fund its various projects.

"We have earmarked Rs 500 crore for our Bangalore projects. We will give a strong thrust to Bangalore as it is a growing city with a large population of IT professionals," company Chairman Sunil Mantri told PTI here today.

On funding, Mantri said the company has already raised Rs 200 crore from two private equity firms. "Our target is to raise Rs 1,000 crore through the PE route. We have already struck two deals with two PE companies for Rs 100 crore each. The rest will be raised in this fiscal," Mantri said. He, however, refused to reveal the identities of those investors.

It also plans to come up with an iconic structure in the Garden City, he said, adding "if we get ample space in the right location, we will construct an iconic structure there."

The company at present has two ongoing projects in Bangalore with another five in the pipeline, in both the residential and commercial segments.

In the coming years, the company will focus strongly on tier 2 and 3 cities, he said, adding "creating hubs in main locations and growing around that area will form the core of our strategy. Our future projects in Noida, Gurgaon, Amritsar, Kochi, and Gwalior will follow this strategy."

In Maharashtra, it has ongoing projects in Solapur, Kolhapur and Pune, besides three in and around Mumbai--one in the western suburbs, Panvel in Navi Mumbai and in Thane.