Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

04 February 2007

Ansals to invest Rs.150 billions in Punjab

The Ansal Properties & Infrastructure (API), a Delhi based real estate developer would invest about Rs 150 billion in Punjab in the next three to four years in various real estate projects.

API has its plan lined up for Ludhiana, Jalandhar, Bathinda, Pathankot and Amritsar for real estate projects. It has also 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 .

The company announced Tuesday 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 to be spread over 200 acres would be expanded further. Also, there would be development of more than 1.4 million square feet of commercial area at the proposed site.

Ansal API Director Pranav Ansal said, ``We would invest about Rs 20 billion in the Mohali township project and the project is likely to be completed in 3-4 years.``

He further 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,`` Pranav Ansal further 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.

The shares of the company closed down Rs 20.05 or 2.4% at Rs 816.7 (Monday). Volume of shares traded at BSE was 46,400.

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