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Magarpatta: A dream city

January 24, 2009

Satish Magar needs no introduction.

A pioneer in his field, he got together more than one hundred farmers, made them pool their land, and then built a city that is being quoted as an example of a perfect modern city.

A city where you live, work, study, play and shop, all within walking distance. Besides, abundant greenery surrounds this eco-friendly city.

And now Satish Magar and his corporate entity Magarpatta Township Development and Construction Company, is starting a new project - Nanded city -- 20 kms from the present site.

He spoke at length on the city of his dreams with Contributing Senior Associate Editor A Ganesh Nadar. Excerpts:

When will Magarpatta city be completed?

Apart from the mall, we should be completed by June, 2009.

What was your initial estimate and what was the final expenditure?

When we started in 2000 we thought that the sale estimate would be between Rs 2000 (Rs 20 billion) to Rs 2500 crore (Rs 25 billion). Finally the capitalisation turned out to be Rs 5000 crore (Rs 50 billion).

The cost at that time was seen around Rs 1400 crore to Rs 1500 crore (Rs 14-15 billion). It now has gone up to Rs 4000 crore (Rs 40 billion).

Tell us the price range of your first flat and the ones you are selling today?

We started at Rs 1000 and Rs 1100 per square foot. Now normal flats are at Rs 3750 per square foot and the luxury apartments are priced at Rs 4750 per square foot.

Image: Magarpatta city, Satish Magar (inset).

Also read: Tips on how to cut your banking charges

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