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Real estate on new high

Bhubaneswar, April 8: Mani Tirumala, a cluster of apartments, will be constructed over a 12 lakh square-feet area on Nandankanan-Airport road.

The project was launched today by Mani Group of Calcutta. The group proposes to have a green belt on around 75 per cent of the apartment complex area. The 11-block, 15-storey apartment complex would have 588 two, three and four bedroom flats. They are priced at Rs 3,301 per sqft.

While each flat will cost between Rs 40 lakh and Rs 70 lakh, the total investment in the project would be around Rs 430 crore. The project is expected to bring about a qualitative change in the city’s living standards.

Sanjay Jhunjhunwala, the group’s chief executive officer, said: “The complex will have round-the-clock security with close circuit cameras at vital points. We have done a market survey and based on the report, opted to have this project in Bhubaneswar to target the ‘Rs 50 lakh plus’ category who want a different lifestyle. There will be facilities like clubs, game courts, steam and saunas, Jacuzzis, spa and meditation room. Everything will be in place within 31 to 33 months.”

Apart from leisure and lifestyle, there will be specific areas for children with an activity area, swimming pool and crèche.

“Mani Group has so far completed construction on 50 lakh square feet area in Calcutta and 1.10 crore square feet area is under construction. This includes hotels, malls and IT parks. Also, we are going to construct the tallest tower in Calcutta — ‘The 42’ — for which clearance is awaited from the Bengal government. It will come up near the Tata Centre. The clearance was needed as it involves some decision at policy level,” Jhunjhunwala added. “The group is also eying investment in hotels, malls, schools and other housing projects.”

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