"We have got approval of 16 integrated townships in north India. The project cost of these townships is about Rs 30,000 crore," Kunal Banerji, vice president-marketing, APIL told PTI.
APIL, the flagship company of the Ansal API Group, plans to develop four townships each in Rajasthan and Uttar Pradesh, three in Haryana and five in Punjab in an area ranging from 250-2,000 acre, he said, adding that Lucknow township would be the largest covering 2,500 acres.
The company posted a 169 per cent increase in its net profit at Rs 28.22 crore (Rs 282.2 million) for the quarter ended June 30 against Rs 10.48 lakh in the year ago period, while its total income rose by 87 per cent to Rs 161.20 crore (Rs 1.61 billion) compared to Rs 86.14 crore (Rs 861.4 million) during the period under review.
On the source of funding these projects, Banerjee said it would be met through internal accruals and debts, and has tied up loans with HDFC Bank.
Besides, he said, "We are looking at the FDI routes as well for specific projects and talks are on with the foreign firms."
New Delhi-based realty firm, which presently has a land bank of 6,000 acre, is primarily targeting the tier II cities of these north Indian states.
"Aspirations and disposable income of people in tier II cities have increased drastically in last five years, which has led to high demand for modern house," Banerjee said.
APIL also plans to develop shopping malls in all the townships, to be developed in cities like Meerut, Agra, Ghaziabad, Panipat, Karnal, Yamuna Nagar, Mohali, Ludhiana, Jalandhar, Bhatinda, Amritsar, Ajmer, Bikaner, Jodhpur and Bhilwara.
The company has also developed townships in Sonipat, Haryana and Jaipur, Rajasthan, which would be soon delivered to the customers for possessions. It is also focusing on developing SEZs and has applied for four locations.
