Hyderabad, Chennai to drive next realty boom
Tuesday, 23 October 2007, 07:00 Hrs
Bangalore: The built-up area in Chennai and Hyderabad under construction is much larger than Bangalore and this is only set to grow in the coming years. The reasons for this are that costs are lower in these two cities, and scarcity of new projects Bangalore, reported Business Line. "Next year, Chennai and Hyderabad will be the booming cities for real estate," said Sushil Mantri, Chairman and Managing Director, Mantri Developers. The Bangalore-based real estate company plans to launch about four large-format projects which will be a composite development. "The township concept - that works on the 'walk to work' principle - will be the future," Mantri said, adding that such projects are being planned at Hyderabad, Chennai and Bangalore. With an invetment of about Rs 5,000 crore, from the company's internal accruals, bank debts, and customer bookings, these projects would be spread over five years. The company is looking at Bangalore, Chennai, Hyderabad and Pune for growth, and cities such as Mumbai and Delhi are not on its radar for now. It has also firmed up plans for three of its six hotel projects and has tied up with top multinational chains which already have their presence in this country.