» Business » Ansal Housing to invest Rs 2,000 cr in 7 townships

Ansal Housing to invest Rs 2,000 cr in 7 townships

Source: PTI
June 22, 2006 18:25 IST
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Aiming to expand its presence in Tier-II and Tier III cities, real estate company Ansal Housing and Construction plans to invest Rs 2,000 crore (Rs 20 billion) in the next three to four years for developing seven townships across seven cities.

"We are launching seven townships in Tier II and III cities. We will invest Rs 2,000 crore in the next three-four years in these projects," AHCL President Kushagr Ansal told PTI.

He said 1400 acres of land across seven cities has already been acquired. On the source of financing the investment, he said the majority would be done through internal accruals.

"We will raise about Rs 100 crore (Rs 1 billion) of funds from either preferential allottment or FCCBs," Ansal said. The townships would be launched in seven cities --

Agra, Indore, Jammu, Rewari, Karnal, Meerut and Ghaziabad.

The Agra township would be developed on 130 acres with an investment of Rs 200 crore (Rs 2 billion) and would be launched next month.

While the 60-acres township in Indore would be launched in August with an investment of Rs 250 crore (Rs 2.5 billion), the 125-acre Jammu township would be developed with an investment of Rs 200 crore.

Ansal Housing aims to develop residential townships in Tier II cities that will be designed and built to match international standards, he said.

The company would be marketing a range of built up houses, independent plots and apartments for the premium end of the market.

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