MAN Industries India Limited, part of the well-diversified UK-based USD 1 billion MAN Group, has announced its foray into real estate with a newly formed subsidiary MAN Infraprojects.

MAN Infraprojects plans to develop seven realty projects in Mumbai, Navi Mumbai and Indore with an investment of Rs 1000 crore in the next five years.

The company expects realization of Rs 4000 crore from these projects which will have a total built-up space of 10 million square feet.

The company had developed nearly 50 projects in Mumbai in the past and bought these plots in the last two years, where property prices have almost doubled.

The company is already in talks with foreign investors for commercial and residential projects. It plans to fund the projects with its own equity, internal accruals and private investors.

In Phase I, MAN Infraprojects Limited plans to develop three projects – two in Mumbai and one at Navi Mumbai with a total built-up area of over one million sq ft.

The company plans to look at other cities including Hyderabad, Pune and so on in the second phase.