Global investor Xander and Mantri
Developers have struck an equal joint venture for Bangalore's largest
residential township of 13 million sq ft, located in the north of the
city near the upcoming suburb of Hebbal.
The project involving 9,000 apartments, to be launched early next calendar, will see Xander raising its commitment to the Bangalore-based developer to over $100 million (or approximately Rs 600 crore).
Xander is already an investor in a few mantri projects and the latest deal signals continued investor appetite for the city's end-user driven market, which absorbs between 30,000 and 35,000 residential units annually.
This is also one of the few equity investments made into the Indian residential real estate market in the recent past. Most fund houses are seen to be taking the debt-financing route to invest in the residential sector, while equity investments continue to pour in to commercial real-estate assets.
Mantri has drawn up plans to develop close to 9,000 residential units in a phased manner, by far the biggest residential rollout in the country's IT City, on a 120-acre land parcel located adjacent to ManyataEmbassy Business Park, in north Bangalore. The average ticket price of the units is expected to be in the Rs 1 crore bracket, with smaller unit sizes starting upwards of Rs 75 lakh.
Incidentally, the owner of the land parcel is one of Bangalore's biggest land aggregators, Reddy Veerana, who also has a stake in Manyata Embassy Business Park among other real-estate investments in the city.
Sushil Mantri CMD Mantri Developers confirmed Xander's equity participation in the project, which is expected to get a brand identity before the end of the ongoing calendar. The entire project will be completed over eight years, with an average development of 1.6 million sqft of residential space annually.
Mantri Developers, which has on board Morgan Stanley as an entity level investor, has completed 15 million sqft of residential development with approximately 20 million sqft of residential development under various stages of construction. Mantri's developments span the four big southern metros of Bangalore, Pune, Chennai and Hyderabad.
Besides residential, Mantri is also looking at a larger play in rent-yielding assets such as office, retail, and hospitality, which could see the developer build close to 10 million sq ft of space over the next five years. By the end of the same period, close to 35% of the developer's portfolio would constitute non-residential spaces, which at present is a small percentage when compared to the residential spaces.
Source From: https://www.bangalorenest.com/Realestate-News/Mantri-Township/
Mantri Developers Review | Mantri Serenity Review | Mantri Espana Review |
The project involving 9,000 apartments, to be launched early next calendar, will see Xander raising its commitment to the Bangalore-based developer to over $100 million (or approximately Rs 600 crore).
Xander is already an investor in a few mantri projects and the latest deal signals continued investor appetite for the city's end-user driven market, which absorbs between 30,000 and 35,000 residential units annually.
This is also one of the few equity investments made into the Indian residential real estate market in the recent past. Most fund houses are seen to be taking the debt-financing route to invest in the residential sector, while equity investments continue to pour in to commercial real-estate assets.
Mantri has drawn up plans to develop close to 9,000 residential units in a phased manner, by far the biggest residential rollout in the country's IT City, on a 120-acre land parcel located adjacent to ManyataEmbassy Business Park, in north Bangalore. The average ticket price of the units is expected to be in the Rs 1 crore bracket, with smaller unit sizes starting upwards of Rs 75 lakh.
Incidentally, the owner of the land parcel is one of Bangalore's biggest land aggregators, Reddy Veerana, who also has a stake in Manyata Embassy Business Park among other real-estate investments in the city.
Sushil Mantri CMD Mantri Developers confirmed Xander's equity participation in the project, which is expected to get a brand identity before the end of the ongoing calendar. The entire project will be completed over eight years, with an average development of 1.6 million sqft of residential space annually.
Mantri Developers, which has on board Morgan Stanley as an entity level investor, has completed 15 million sqft of residential development with approximately 20 million sqft of residential development under various stages of construction. Mantri's developments span the four big southern metros of Bangalore, Pune, Chennai and Hyderabad.
Besides residential, Mantri is also looking at a larger play in rent-yielding assets such as office, retail, and hospitality, which could see the developer build close to 10 million sq ft of space over the next five years. By the end of the same period, close to 35% of the developer's portfolio would constitute non-residential spaces, which at present is a small percentage when compared to the residential spaces.
Source From: https://www.bangalorenest.com/Realestate-News/Mantri-Township/
Mantri Developers Review | Mantri Serenity Review | Mantri Espana Review |
| Mantri Tranquil Review | Mantri Developers Review |
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