Realty firm MANA Projects will invest around Rs 500 crore to develop a luxury housing project in Bengaluru as it seeks to tap the rising demand for premium properties.
Bengaluru-based MANA has launched a residential project which is spread over 6.39 acres and comprises 680 flats at Sarjapur Road.
D Kishore Reddy, Chairman and Managing Director of MANA, said the project 'MANA Dale' will be completed over the next four years.
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The starting price is Rs 1.60 crore per unit.
When asked about investment to develop this project, Reddy said the project cost is estimated at around Rs 500 crore.
"With this launch, we further extend our presence in East Bengaluru," he said.
Founded in 2000, the company is mainly into the development of residential projects.
Housing demand has been strong since the last two years on pent up demand.
According to real estate consultant Anarock data, housing sales rose 36% year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rates.
Housing sales stood at 88,230 units in the year-ago period across seven major cities.
In Bengaluru, housing sales went up 29% to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year.
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