Mantri Developers has outlined their plans to launch new real estate ventures in Bangalore (six), Chennai (two) and Hyderabad (two) during the course of this year. The company, which has set up one of the country’s largest malls in Bangalore, Mantri Square, is looking at launching two more of them in Hyderabad and Chennai. “We are finalising plans for these two malls.
Typically, each mall will entail an investment of about Rs 600-700 crore,” said Snehal Mantri, director (marketing), Mantri Developers, Bangalore. “Even during downturn, we have not stopped investing in projects. Every project we start is announced only after securing all necessary clearances,” Mantri added. The Hyderabad project, Mantri Celestia, which entails an investment of about Rs 350 crore, will have six towers of 24 floors each with 1,152 apartments. The project located in a 11-acre site, will serve as a new residential landmark for employees in the Financial District with a large catchment area. They now can buy a property which will enable them to walk to their work place.
“The company has launched an innovative no EMI scheme till delivery of the possession of the apartment to boost sales,” she said. Under this offer, a potential buyer can book a flat by paying Rs 3.5 lakh upfront. He need not bother about instalments till the delivery of the possession. Once the apartment is handed over by December 2011 and March 2012, he begins payment of instalments to the bank. These apartments have been designed to save on stamp duty and concessions offered for apartments less than 1,200 sq ft.
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