Bangalore can be a World Class City

Sushil Mantri, Chairman & MD, Mantri Developers Pvt Ltd. An entrepreneur par excellence, Mr. Sushil Mantri is a name to reckon with in today’s real estate scenario in the country, From automobile ancillary in Pune to construction industry in Bangalore is a migration that few people would make successfully.

He has chosen a platform with fast growth and built a company in just 10 years and he has been blessed with extraordinary vision, superior capabilities and enormous perseverance & grit.

Sushil Mantri is well known for his brilliant business acumen, achieving clear-cut goals such as on-time delivery, providing the highest carpet area for the customers, keen attention to detail, and offering a broad range of value added services.

Today, as one of the foremost builders in South India, he has made it possible for all prime localities to boast a spectacular Mantri landmark, and for thousands of families to enjoy a higher quality of life in Mantri homes. Mr. Mantri also has given Bangalore, the largest mall in India-The Mantri Square, (which has been featured in our Retail section).

In a freewheeling chat with REBI, he shares his vision in the area of real estate.

· Last year, it was a bad year for the real estate industry. What are your predictions for this year?

The business has definitely picked up and the demand is steadily moving up. I see light at the end of the tunnel this year.

· Why did real estate industry run into rough weather last year?

Job uncertainty, especially in the IT segment, and the global recession were the main causes. But one good thing about Bangalore, unlike other metro cities, we did not see any crash but only a minor `correction’.

· What, according to you, are the positive factors that may help the revival this year?

Indian economy is growing, The IT industry seems to have come out of the crisis, and fresh hiring and pay hikes are back and mainly the banks have also reduced the interest rates to help potential customers.

· This year, since the beginning, there has been a rethink on the part of property buyers, what has brought about this change? The overall buoyancy in the economy? Or is it the realization that prices may not go down any further?

It’s actually a combination of both. Prices have become reasonable and the demand has also started picking up. With stability in the overall system and overall buoyancy in the economy people do not want to miss the bus. Low interest rate has increased the affordability and the buyers are now coming forward to take a decision also due to job security.

· Many `affordable Home’ projects, launched last year have not had the expected response. Why?

There was reasonable response but affordability homes have to be located in a convenient place. There is no point someone buying a low cost flat now and has to spend a lot of money travelling to and from the city for work, etc. The Low Income Group will definitely find it unaffordable if they work out the long-term costs.

· Is Bangalore a good market for Luxury Homes? And if so, what is the driving force?

People in Bangalore are used to international standard of offices, and residences. They have travelled all over the globe and are now seeking high-end luxury accommodation. The city has grown by leaps and bounds as an IT destination and so have people grown in terms of their net worth and thus can afford and want to live in luxury. It is as per demand and supply.

· Which among your projecs would you say is the best and why. What is the USP of your residential projects?

A mother cannot choose the best out of her kids. All the projects are very dear to us. In terms of luxury, the most luxurious has been Mantri Altius and was awarded best residential building of India in 2007 by CNBC-Crisil. We provide top class quality at an affordable price. There are no compromises.

· How has been your journey so far? What are your futures plans?

So far the going has been good. God has been kind. We have been here a decade and created landmarks. We started with the most compact homes and won an award in 2001 and created a luxurious project Mantri Altius and then gave another landmark, Mantri Square, the largest mall of India.

We are in education and hospitality sector also. Now we are creating townships and SEZs. We are entering the new vertical of creating townships, gated communities, service apartments and SEZ’s. We have a presence in Bangalore, Chennai, Hyderabad and Pune.

· If there is one request/ demand from your side to the state government, what would it be?

Please do something about the infrstructure. Bangalore, and its citizens, deserve better infrastructure. Most of the infrastructure plans are only on paper or the progress is painfully slow. The Government has to put them on a fast track.

· How effective has your marketing strategy been?

We have been most transparent company for the customer, our track record of on time delivery had made our sales fast and also most competitive in pricing. All our projects are located very strategically within the reach of consumer. Maximum sales happen due to referral from existing customers or word of mouth.

· What is your future vision for Bangalore?

My vision is for Bangalore with true international living standards. Infrastructural support and a transparent government will be instrumental in achieving this vision. Bangalore is known as the IT hub of India and the recent Global Investor Meet has created a buzz in all other sectors.

A lot of PE funds are looking forward for the investment opportunities. The government should make full use of the opportunity and fulfill all their needs. Then Bangalore will truly become a world-class city.