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Ansal to invest Rs 10,000 cr in Punjab
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New Delhi
Feb. 6
Upbeat on the realty prospects in Punjab, Delhi-based Ansal Properties and Infrastructure Ltd plans to invest Rs 10,000 crore in the State in the next 3-4 years.
``We will launch 15 projects in Punjab in the next six months, apart from the five that we have just launched. We will be investing around Rs 10,000 over the next 3-4 years to develop hotels, residential and commercial properties,'' said Mr Deepak Sachdeva, President, Ansal Properties.
The company plans to fund the projects through internal accruals and debt.
The Ansal Group company also announced a tie-up with garment exporter Ritesh Industries to build a Rs 800-crore housing project in 42-acre land in Ludhiana.
"The land is owned by Ritesh Industries while development and post developmental work will be done by us," said Mr Sachdeva. He declined to give the revenue sharing arrangement between the two companies for the project.
Called Hampton Court, the project will have housing development on two million sq ft and a business park on one million sq ft. The commencement of the project will be done in the first quarter of the coming fiscal.
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