Real estate prices are likely to see some correction: Sarita Mantri

saritaReal estate prices are likely to see some correction: Sarita Mantri
Sarita Mantri, Managing Director, Mantri Realty talks about the organization’s future plans, latest trend and multi-city presence including small cities by developing the high-standard residential and commercial projects all over India.
Mantri Realty has been in the real estate sector since 1986 and recently the group has been confirmed with various Foreign Director Investment (FDIs) close to the tune of US$ 200 million in various projects spread across India.
Sarita Mantri talked to Sharad Matade on various issue.
AT: Can you give us a brief background of your Mantri Realty, and where it stands today?
SM : Mantri Realty Ltd. is one of the leading developer in India holding ISO 9001:2000 & ISO 14001: 2004 issued by Moody International valid till July 2009. So far company has successfully executed and completed 150 residential and commercial projects spread over 20 million sq. ft. area in different cities of India. Mantri Realty and its Associates have land bank of more than 1,000 acre spread across India with an estimate valuation of US$ 2.5 billion. The company is a well known entity in real estate and has interests in residential projects, SEZ’s, IT parks, malls and hotels, airports, infrastructure etc. The company has presence in 15 cities including Mumbai, Thane, Pune, Solapur, Kolhapur, Sangli, Nagpur, Goa and Hyderabad. The company is known for adhering to strict quality control; using best technology, timely delivery to customers and enjoying customers’ satisfaction even after sales are concluded.
The company has just signed a Memorandum of Understanding with MSC Cyberport
Sdn. Bhd. to jointly collaborate in the development, construction, marketing and funding of Bandar MSC Cyberport, the 1st MSC Malaysia Cybercity in Kulai, Johor.
AT: As people say that the real estate industry is not for women, but how did you come in this industry?
SM : Women should not stop from venturing into newer fields. Women are working efficiently across all industries and have now proved themselves in this industry also.
Mr. Sunil Mantri, my husband, has been in the construction business from many years. He motivated me to take challenges and enter in this business. And only women can understand the importance of a home.
AT: Could you glance on some of your key ongoing projects across the residential, commercial and retail space?
SM : The company is currently working on the following projects:
Mumbai – Residential projects: Mantri Park, Mantri Ruby, Mantri Breeze
Pune – Residential projects: Mantri Lavendula and Mantri Casa Bella
Solapur – Mantri Orchid Mall, Mantri City Central Mall, City Central Hotel, Mantri International Convention Centre and Residential project Mantri Water Front
Hyderabad – An IT Park and a Residential Project
Goa – Four Star Hotel
Nagpur – SEZ/ IT Park Mantri Matrix , Residential Township
Kolhapur – IT Park: Mantri Info Park
Sangli – IT Park
Aurangabad – 18 hole deluxe Golf Course and Resort.
Latur – IT Park
Nanded – IT Park
Thane – Residential Project
Bangalore – Residential Project: Mantri Royale, Mantri Aquanox, Mantri Boulevard, Mantri Estelle and IT Park: Mantri Axis
Belgaun – Residential project
Gwalior – Residential Township, IT Park
AT: Real estate analysts are predicting a possible price correction in the near future. What are your views on this?
SM: Real estate prices are likely to see some correction. While people may delay the decision to buy, but they will still want to buy a house rather than take up rented accommodation.
AT: What are the new trends that you see emerging here in the real estate?
SM: Focus will be shifting to affordable housing compared to premium as there is still a great demand in that sector. It is difficult to get a studio / 1 BHK apartment in Mumbai.
AT: Mantri Realty has some projects in small cities like Solapur and Kolhapur. How do you look the future of this kind of small cities?
SM: Land prices in tier II and tier III cities have still not grown the way it has happened in metros. Availability of land is also not a problem. There is a huge scope of planned development for residential and commercial complexes. Also the initiatives taken by the government in providing smaller cities with infrastructural facilities and creation of SEZs has played a vital role in promoting them.
AT: What are your future plans?
SM: The company is creating 10 Shopping Malls spread across India by 2010 including 2 million sq.ft. mall in Hyderabad.
The company is planning to create 10 Hotels of 3/4/5 star category and Service Apartments to be tied up with leading brands in India / abroad with approx 2500 rooms by 2012.
The company is planning to set up 5 SEZ projects spread across India mainly focusing on IT / SEZ category and also plans for 10 Township projects by 2011.
Projects in various other cities are being planned as the company is looking at pan India presence in the true sense.
Only women can understand the importance of a home.

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