Mana Projects plans to develop about 10 million square feet (msf) in Bengaluru, with a revenue potential of Rs 2,500 crore within two years.
The company has already acquired 35 acres of land in FY23 at an investment of Rs 75 crore in Bengaluru and plans to invest Rs 175 crore for further development.
"Our plan to further acquire 25 acres of land is ongoing and we plan to launch about 5 msf within six months," Kishore Reddy, managing director of Mana Projects, told Moneycontrol.
Focusing majorly on the residential segment, the company plans five projects in Bengaluru within the next few months. Four of them will be launched in the eastern parts of the city, like Sarjapura, Whitefield and Electronic City, and the other one in north Bengaluru.
The five projects will include 2BHK compact smart homes, starting from Rs 75 lakh and 3/4BHK luxury inventories starting from Rs 2.75 crore. It will also include mid-range 3BHKs, priced at Rs 1.4 crore.
"Today, land costs are soaring across Bengaluru. Most of the projects will be in joint development with landowners. This will help us to reduce the timeline of delivery and also make it cost-efficient. However, construction costs for such development tend to be higher," Reddy said.
Compact homes
Additionally, Mana Projects will be launching a 7-acre land parcel in eastern Bengaluru's Doddakannelli. The project will have compact homes and will take three years to complete.
Recently, the company launched Mana Macasa, a fully owned subsidiary of Mana Projects, which consists of compact smart homes. "Macasa was launched to cater to the millennials -- who mostly come to us for furnished apartments above Rs 70 lakh," Reddy added.
He said that, currently, Macasa has two projects in the pipeline. In terms of area acquisition, the company has about 50 lakh sq ft for these projects. Over the long term, Macasa plans to complete a development of 2 msf.
More townships and villaments
"In Bengaluru, post-COVID, we see people stretching their budgets to invest in larger communities, including first-time buyers," Reddy said.
The two townships in the pipeline will be launched by FY24.
Each township will be have 50 acres under development and will have commercial and residential segments, along with retail outlets and schools. Though the residential project will be in the premium segment, the retail project will comprise about 10 acres in each project.
"Both the townships will be in Whitefield and Sarjapura. Being close to the IT sector and Outer Ring Road, these areas are high in demand and will also have available land parcels," Reddy said.
Speaking about the challenges of shortage in land parcels in the city, Reddy said new expressways and metro will play a crucial role in future. "With infrastructure and last-mile connectivity strengthening across the city, more peripheral lands will be unlocked for further development," he added.
Mana Projects also plans to develop more villaments in future.
Currently, the construction of one villament project is going close to the Sarjapura road. It will have 150 units starting from Rs 2.75 crore to Rs 3 crore.
To date, Mana Projects have launched about 26 projects in eastern Bengaluru and now looks forward to moving towards the northern parts of the city.
Additionally, Reddy said the company is in the process of acquiring lands in Hyderabad and hopes to start construction within the next year.
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