Ansal Buildwell to invest R850 cr in North

Written by Preeti Parashar | Chandigarh | Updated: Apr 18 2011, 05:38am hrs
Realty player Ansal Buildwell is planning to invest close to R850 crore in the northern region over the next two-three years. The developer has announced a new project in Kullu (Himachal Pradesh) where it is developing holiday homes in pact with a local player Pacific Construction and Management company.

The project, called Meadows, will cost around R100 crore and its expected turnover is R120 crore. Ansal Buildwell will be managing and promoting the project offering 190 residential units with specifications of 1BHK, 2BHK and 3BHK spread over 3.67 acres including six premium villas as well.

Ranjeev Kalia, head sales and marketing, Ansal Buildwell, said, The construction of the project has already started and we aim to hand over the possession in 2013. The apartments are priced between R38-68 lakh and the villas, which will be launched at a later stage will cost R1.5 crore.

He added, Apart from this we have launched a residential project in Pathankot that will catalyse an investment of R300 crore. To be spread across 27 acres, the project will have 270 villas. This will be developed in pact with Nitin Mahajan developers.

Ansal Buildwell is also coming up with a project in Amritsar in which it is pumping in R400 crore. The project is spread over 100 acres and is completely sold out. The company plans to hand over the possession of the units within the next six months. Another project costing R35 crore is coming up in Jammu. Kalia added, We are scouting for more space in Punjab. Negotiations are on in Nawanshahr and our minimum requirement is 25 acres. We are targeting to touch a turnover of R1,000 crore by the end of financial year 2012.