Ansal eyes Punjab for real estate development

Delhi-based Ansal Properties & Infrastructure Ltd (API), a leading real estate developer in India, would invest about Rs 15,000 crore in Punjab in the next 3-4 years in various real estate projects.

API has its plan lined up for Ludhiana, Jalandhar, Bathinda, Pathankot and Amritsar for real estate projects. Also, it has signed with Roots Corporation for setting up budget hotel "Ginger" at the proposed housing project in Mohali where the space would be given on lease to Roots Corporation Ltd.

The Company announced today its latest township in Mohali- "Ansal API golf Links". This will be an integrated township with plots, luxurious villas, condominiums, penthouses, commercial space and malls which will cater to the growing needs of the people in Chandigarh.

The project would be spread over 200 acres and would be expanded further. Also, there would be development of more than 14 lakh square feet of commercial area at the proposed site.

Ansal API Director Pranav Ansal said, "We would invest about Rs 2,000 crore in the Mohali township project and the project is likely to be completed in 3-4 years."

Ansal said the company had also tied up with Roots Corporation Ltd, a subsidiary of Indian Hotels Company Ltd, for setting up "Ginger" budget hotel at the proposed housing project in Mohali. Ansal would provide space to Roots Corporation hotel on lease for a period of 30 years.

He said, "The township has been designed by the Australian architect firm, Woodhead which promises to offer splendid lifestyle for its residents."

"Chandigarh is growing very fast and there is definite surge in demand for quality and comfortable housing, especially with the growing IT sector here. We will evaluate other opportunities in the area,' he added.

Apart from Mohali, it has plans to develop a township on 225 acres in Ludhiana, besides business park and boutique mall.

In Jalandhar, it is coming up with two townships, shopping mall etc. The company also has plans for Amritsar (for multiplex and township), Bathinda and Pathankot.

The company has also tied up with talc maker Ritesh Industries to set up a a real estate project. It is a joint venture project in which Ritesh Industries has entered into a joint venture agreement with API, the flagship company of the Ansal Group, for setting up about 40 acres real estate project on the Ludhiana-Chandigarh state highway.

Apart from commercial and residential complexes, the company has decided to foray in SEZs and hotels, apart from residential and commercial spaces. The company is also coming up with an SEZ on 250 acres near Murthal in Haryana.

In the last financial year the turnover of the company was Rs 600 crore and this year it was expecting a 20 per cent growth in the turnover.

When asked whether this was the right time to launch a housing project, as real estate prices has already dipped down, Ansal API President D Sachdev said, "We can't say it has dipped down but instead correction has took place, which was speculated by property dealers."

Sachdev said at present the company had about Rs 50,000 crore worth real estate projects in hand, spread across India.