MAN Industries to invest Rs 1,000 cr in real estate

Mumbai, June 13: MAN Industries India Limited, a part of UK-based one billion Dollar MAN Group, has planned to invest Rs 1,000 crore during next three year in real estate projects. The Company's subsidiary, MAN Infraprojects Limited will develop seven projects including residential and commercial buildings in Mumbai, Navi Mumbai and Indore, spread over an area of 10 million sq ft, the Company said.

In the first phase, the Company would develop three projects -- two in Mumbai and one in Navi Mumbai, over a total area of one million sq ft, Company Chairman R C Mansukhani said.

In Mumbai, the Company is planning two commercial projects in Bandra and Vile Parle. In Navi Mumbai, it will develop a mixed-use township including a five-star hotel, a IT-cum-commercial centre and luxury residential block. The site is located opposite the D Y Patil stadium, Mr Mansukhani stated.

Work on the three projects will commence in the next few days, and would be completed in next two years. The total investment in these projects would be Rs 500 crore. The group is also actively negotiating for large parcel of land for development of integrated satellite townships, he added.

UNI