Punjab: Ritesh Properties to invest Rs 3,000 cr

Ludhiana-based public limited company Ritesh Properties and Industries, a leading firm in garment exports, will soon invest around Rs 3,000 crore in real estate in Punjab.

The company is planning to come up with townships in Ludhiana, Jalandhar and Amritsar with an investment of Rs 1,000 (approx) each. Each of these townships will be coming up on 100 acre of land each.

Recently, the company has marked its foray in realty sector by entering into a Rs 800 crore 50-50 joint venture agreement with the developers Ansal Properties and Infrastructure (API) for developing a premium housing project and a business park which will be called Hampton Court, on 42 acre of land on Ludhiana-Chandigarh road, Ludhiana. The company is expected to benefit Rs 1.50 billion from the project.

Speaking to Business Standard, Managing Director, Ritesh Properties and Industries, Sanjeev Arora said all these projects will start once the new Shiromani Akali Dal (Badal)-BJP led state government comes out with its policy for the real estate sector.

"It is expected to come in a month's time. We have already had meetings with the Punjab chief minister and other officials and ministers, who are showing interest in such investments in the state. We have identified the land but not acquired yet. Once the project starts, it will take three years to complete.''

These townships will include all basic amenities and support infrastructure like club houses, group housing apartments, shopping malls cum multiplexes, community hall, local shopping centre, post office, bank, health care centre, schools (nursery / crèche), place of religious worship, designated recreational spaces like playgrounds for children, jogging tracks, office, ample parking lots et al. These will be a part of this premium project.

"We are planning to have tie ups with market leaders in all categories. Like for health care, we can have a tie up with Fortis or Apollo and even with someone else, who shows interest in our project. Same way, a tie up can be done for shopping malls and multiplexes, schools and all other categories," said Arora.