Nagpur shining with mihan check this
Bridging the Gap
Mantri to invest Rs 1,600 cr in city
TOI, June 15, 2007
Mumbai/Nagpur: Mantri Realty, a Mumbai-based real estate major, is investing close to Rs 1,600 crore for a 300-acre township project near Nagpur. The project is planned to come up near the governmentinitiated Multi-modal International Hub Airport at Nagpur (MIHAN).
Mantri is also planning to set up a special economic zone for information technology services for a planned outlay of Rs 780 crore.While the construction of the township and the IT SEZ will be funded mostly through internal accruals and fresh debts, the company is also talking to some funds from the US. Although the talks with US funds are at a preliminary stage, in case these funds invest in the project, it would be through the foreign direct investment route, company officials said.
The master plan of MIHAN consists of a SEZs for IT and healthcare and will also have a captive power plant and other manufacturing and value added units. The project, spread over 4,025 hectares of land, is expected to generate about 1 lakh jobs. Mantri Realty expects huge demand for residential properties is and around MINHAN and hence its plans to set up a township. “We anticipate a huge demand for residential properties for the requirement of people working in IT and cargo hub,’’ said Sunil Mantri, chairman, Mantri Realty. Hence there is the strategic importance of a township near MINHAN.Although the township project is currently planned on a 300-acre area, Mantri Realty plans to acquire another 100 acres and increase the area of the township. The integrated township project will have all the modern amenities, service apartments, premium and budget residential apartments, entertainment zones and shopping malls.For its IT SEZ, the company has applied to get the required government permissions. The project has achieved financial closure and has a total outlay of Rs 780 crore.
Source: Times of India
Mumbai/Nagpur: Mantri Realty, a Mumbai-based real estate major, is investing close to Rs 1,600 crore for a 300-acre township project near Nagpur. The project is planned to come up near the governmentinitiated Multi-modal International Hub Airport at Nagpur (MIHAN).
Mantri is also planning to set up a special economic zone for information technology services for a planned outlay of Rs 780 crore.While the construction of the township and the IT SEZ will be funded mostly through internal accruals and fresh debts, the company is also talking to some funds from the US. Although the talks with US funds are at a preliminary stage, in case these funds invest in the project, it would be through the foreign direct investment route, company officials said.
The master plan of MIHAN consists of a SEZs for IT and healthcare and will also have a captive power plant and other manufacturing and value added units. The project, spread over 4,025 hectares of land, is expected to generate about 1 lakh jobs. Mantri Realty expects huge demand for residential properties is and around MINHAN and hence its plans to set up a township. “We anticipate a huge demand for residential properties for the requirement of people working in IT and cargo hub,’’ said Sunil Mantri, chairman, Mantri Realty. Hence there is the strategic importance of a township near MINHAN.Although the township project is currently planned on a 300-acre area, Mantri Realty plans to acquire another 100 acres and increase the area of the township. The integrated township project will have all the modern amenities, service apartments, premium and budget residential apartments, entertainment zones and shopping malls.For its IT SEZ, the company has applied to get the required government permissions. The project has achieved financial closure and has a total outlay of Rs 780 crore.
Source: Times of India
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