MUMBAI: MAN Infraprojects Ltd, the real estate arm of pipe manufacturing company MAN Industries India owned by UK’s MAN group, is returning to the realty sector by investing Rs 1,000 crore in hospitality and township projects in Mumbai and Indore.

In the next three years, the company hopes to develop seven projects spread over 10 million sq ft in Bandra, Andheri, Vile Parle and Navi Mumbai in Mumbai and Indore. MAN Infraprojects chairman RC Mansukhani told DNA Money that the company expected to break even in the next two years. “Rs 4,000 crore will flow in after the completion of the projects,” he said.

In the first phase, MAN Infra will develop four-star hotels in Bandra, Andheri and Vile Parle in Mumbai and a commercial property in Indore.

In Navi Mumbai, it will develop three projects-a five-star hotel, an IT park-cum-commercial business centre and a luxury residential property near DY Patil stadium in Nerul. Mansukhani refused to name the hotel brand but said the deal would be finalised in the next few weeks. Clearances for the seven properties were obtained last year.

To fund the projects, MAN Infra has received Rs 50 crore from the MAN group and is in talks with some foreign private equity players. A source close to the development said that the company was in the final stages of closing a Rs 210-crore deal with an international private equity firm for the Navi Mumbai project.

Undeterred by the slowdown in the realty market, the company is eyeing the high-end segment,
Mansukhani said. Between 1982 and 2000, MAN Infra developed 50 real estate projects.

original post : dnaindia.com/report.asp?newsid=1171008

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