The Sushil Ansal-promoted Ansal Properties & Infrastructure has been allotted 2,504 acre land adjoining Greater Noida for setting up a Rs 20,000 crore (Rs 200 billion) integrated township, housing an IT park and a bio-technology park.
The township is likely to be called Greater Noida II.
A memorandum of understanding to this effect was signed two days ago between the Uttar Pradesh government and a consortium in which Ansal Properties is the majority stake holder.
With overpopulation and paucity of land clogging New Delhi, the suburbs are gaining importance. Lower property prices, improved connectivity through expressways and metro and multinational companies, especially in the ITES segment, setting up new offices are all contributing to the importance of the suburbs today.
Recently, realty major DLF too had acquired 3,000 acre around Gurgaon for setting a township, DLF City II.
Ansal will tie up funds for the project from the recently concluded qualified institutional placement of Rs 681.75 crore (Rs 6.82 billion), debt, revenues and internal accruals.
"While we have been already allotted 2,504 acre, we are hopeful of extending this to 3,000," said an Ansal Properties spokesperson. The projected population of the township is 30,000.
As many as 20per cent of dwelling units have been reserved for the economically weaker section and for low income housing.
"The project is expected to generate significant revenue for the state government in the form of various taxes and also generate employment opportunities in sectors, including the IT and bio-tech,"stated a company release. The ITES and bio-technology parks will be leased out to companies.
As much as 50per cent of the area has been earmarked for open space and roads. The open space includes an 18-hole golf course that is likely to be designed by Martin Hawtree, who has designed over 750 courses worldwide. High-end villas and apartments are also proposed around the golf course.
AMahesh Bhupathi Tennis Academy and a polo and equestrian clubs have also been planned.
To promote tourism and cater to the companies within and near the township, Ansal Properties is planning five-starhotels and serviced apartments. Ansal Plaza, the company's mall brand, will also be developed in the township. The exact number is still not known."We are negotiation with some of the best hospital chains in the country to set up new hospitals in the township. A deal will be shortly announced," the press release said.