Ansal API to invest Rs 4,500 cr in hi-tech city in UP

Published: September 20, 2010

Realty firm Ansal Properties and Infrastructure (Ansal API) plans to invest about Rs 4,500 crore to develop the second phase of its 2,500 acre hi-tech city adjoining Greater Noida.

According to sources, the company would soon launch the second phase of its integrated township ‘Megapolis’ at Dadri covering 650 acre of area where it would offer 1,900 plots and build nine million sq ft each of housing and commercial space.

The project cost for the second phase would be around Rs 4,500 crore and the company expects to realise nearly Rs 7,500 crore in the next three-four years, they added.

When contacted, Ansal Hi Tech Townships Chief Operating Officer Rakesh Kaul said: “The company would soon approach the Uttar Pradesh government for signing the development agreement for the second phase of Megapolis and the project would be launched only after that”.

Kaul declined to give further details about the project. In mid-2008, Ansal API had bagged a hi-tech city project from the UP government spread over 2,500 acre, which can be extended to 9,000 acre.

The company had then announced an investment of Rs 13,000 crore to develop this township at Dadri near Greater Noida. It had also expected revenue to the tune of Rs 26,000 crore from the township, which would be completed by 2016.

Ansal API had raised Rs 225 crore from HDFC AMC through dilution of 8.5 per cent stake in the project.

Sources said the company had sold so far about 80 per cent of its total saleable area in the first phase comprising 500 acres.

The hi-tech city would have an education city, a medicity and one 18-hole signature golf course designed by Nick Faldo, apart from polo and equestrian facilities.

The company would construct four hotels in three and five star categories, comprising about 250 rooms in each hotel. It would also house five shopping malls.

Source: Economic Times

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