Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

29 August 2007

RPIL bags Rs 800-cr housing project

Ludhiana-based Ritesh Properties and Industries Ltd (RPIL) has bagged a housing project worth Rs 800 crore. The company has entered into a joint venture with Ansal Properties and Infrastructure (API) to develop a premium housing project and a business park in Ludhiana.

The project is expected to generate a revenue of about Rs 1.50 billion after completion.

“We have got all the approvals for the project. The total land would be divided into two segments, IT and housing projects. Twenty-four 24 acre out of the total land would be devoted to the IT Park, while the rest to 550 housing apartments,” said RPIL MD Sanjeev Arora.

The IT park would house companies providing IT and IT-enabled services. “It is estimated that the park would generate about 20,000 employment opportunities for the IT professionals. Besides, a local shopping centre, post office, banks, health care facility etc would also be developed,” said Sanjeev. The initial work on the project has already started and the project will be formally launched in a month’s time.

The land for the housing project, Hampton Court, spread over 42 acre, is located at a prime location on the Ludhiana-Chandigarh state highway.

RPIL has recently stepped into the retail sector as well. The company is also coming up with new projects with the investment of about Rs 3,000 crore in Jalandhar, Ludhiana and Amritsar.

The company is on the lookout for a partner to set up a hospital within the premises of the proposed project and tie ups are in the pipeline for entering into hospitality business.

Source : Expressindia
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