Business Daily from THE HINDU group of publications
Thursday, Aug 31, 2006
Industry & Economy
Real Estate & Construction
Corporate - New Projects
States - Karnataka
Mantri super premium apartment ready
Each floor accommodates a house over a built-up area of 5,515 sq ft
The 11,300 sq ft clubhouse across two levels has facilities such as a gym, squash court, TT table, billiards and a carom room apart from a party hall, a library hall and a bar lounge
Bangalore , Aug. 30
Mantri Developers, a property developer, is ready to hand over its project, Mantri Altius, to its owners who include the who's who of Bangalore.
Mantri Altius is a 17-floor super premium apartment which occupies a built-up area of 85,000 sq ft in a prime locality in the city. The owners include three or four people from garment exports, three to four from the IT industry and two NRIs.
What is unique about this project is that its occupants were personally chosen by Mr Sushil Mantri, Chairman and Managing Director, Mantri Developers, based on factors such as similar interests and non-competing businesses. The 15 families to occupy the flats were picked from a list of 40 prospective buyers.
The building has been designed by Singapore-based RSP Architects.
"Bangalore has become a favourite destination for aspirational high lifestyle and property investment. Mantri Altius defines luxury living and will be a benchmark for many more such residential apartments that would be constructed in the near future," said Mr Mantri.
Each floor accommodates a house over a built-up area of 5,515 sq ft; the Mantris themselves will occupy the flat on the top floor. The building also consists of a clubhouse and a main lobby, replete with a reception area and a bar. The 11,300 sq ft clubhouse across two levels has facilities such as a gym, squash court, TT table, billiards and a carom room. There is also a party hall, a library and a bar lounge.
The Rs 40-crore project took two years to be completed. While the first flat was sold for Rs 3 crore, the last apartment went for Rs 9 crore.
The owners are bound by the condition that while selling his or her apartment, 67 per cent of the other residents must approve the sale. This has been done to ensure a similar profile of residents, said Mr Mantri.
Security arrangements include CCTVs, biometric sensors, sirens and proximity cards. The houses have no main doors; the elevators automatically open into the apartment. The developers have a tie-up with IT companies Infosys, Oracle and Wipro to offer rental services whenever the apartments fall vacant. It also has a pact with Airtel to provide boosters for better mobile connectivity.
Mantri Developers is keen on replicating this model in Chennai, Pune and Hyderabad. It is also working on a similar project in south Bangalore.
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