Bengaluru-based real estate group Mana Projects is getting ready to invest Rs 250 crore for the acquisition of 50 acres of land in the next five years. The company also plans to launch its first commercial office in Hyderabad in August this year for which land acquisition is currently on.
"We have so far delivered or taken up for development four million square feet of residential apartments in Bengaluru, and with the present land acquisition in the city, the estimated construction is likely to be an additional 4.5 million square feet across Bengaluru," Kishore Reddy, Managing Director of Mana Projects said.
Over the next five years, the company expects to generate a revenue of about Rs 3,700 crore from the sale of commercial and residential villas and flats in Bengaluru and Hyderabad.
Mana has completed over 26 projects at Sarjapura in the southeast part of the city. Reddy said the company has been focusing on the IT-dominated Sarjupara area. "We are currently moving to Whitefield in the eastern periphery, another major IT hub in Bengaluru," he said. Additionally, Mana is looking forward to entering North Bengaluru, plans for which are being conceptualized.
"For the three ongoing projects -- Mana Foresta, Uber Verdant and Mana Capitol -- we are looking at two or three-bedroom apartments and duplexes. We are focusing on flexible concepts with efficient usage of units where the bedrooms can be converted into open spaces with foldable walls. Among our target market is the young crowd, mostly IT professionals. Alongside, we are also targeting homebuyers who are looking for a comfortable retired life; they are a substantial part of the society," he added.
In Mana Capitol, one of the ongoing projects, about five acres have been allocated for development while two acres are exclusive for commercial spaces, including office spaces.
Among other ongoing projects, Uber Verdant-II spreads over 6.65 acres, and Mana Foresta sprawls across 1.1 acres of land. "Mana Foresta comprises vertical forest towers to make you feel amid nature.