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 acre.
The company posted a 169% increase in its net profit at Rs 28.22 crore for the quarter ended June 30 against Rs 10.48 lakh in the year ago period, while its total income rose 87% to Rs 161.20 crore compared to Rs 86.14 crore 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 for which talks are on with the foreign firms."
City-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.