Sunil Mantri Realty to develop 2,000 acres hi-tech city

Mumbai: Mumbai-based developer Sunil Mantri Realty has signed a memorandum of understanding with the Special Area Development Authority (SADA) of Gwalior to develop a hi-tech city on 2,000 acres there.

Mantri will pay for the land, which the Gwalior authority will acquire for it, and the development would include 25,000 residential units under public-private-partnership.

Total investment would be around Rs 2,000 crore spread over 8-10 years. Phase I of the project is scheduled to begin in 2008.

The deal was inked at an ‘investors meet’ organised by the Madhya Pradesh Government.

According to the agreement, the land acquisition will done by SADA in accordance with the ‘ready-reckoner’ and Mantri will offer a premium over and above it.

Mantri will make the actual land cost, plus the premium it offered to the authorities for disbursement to the land owners.

Mr Sunil Mantri, Chairman, Mantri Realty, said the cost of an acre would be in the range of Rs 50-60 lakh.

The company also has plans to develop an IT park, an SEZ and leisure area complete with swimming pool, theatres and health club of 100 acres each in the project.

Initial investment of about Rs 200-300 crore would be made through internal accruals and debt.

The Government has intentions of offering residential units of about 15 per cent of the total residential component to people displaced by earlier land acquisitions in the project, he said.

Mantri Realty is already developing three projects in Gwalior comprising premium residential, mall cum multiplex and commercial space.