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| Edited By: Vivek Seal |Source: DNA |Updated: Mar 17, 2018, 02:39 AM IST
Anant Raj Industries, an infrastructure development and construction firm, has acquired land in the National Capital Region (NCR) for about Rs 200 crore for its development projects in the commercial and residential segment.
The company has over Rs 750 crore of cash reserves, and had earlier allocated Rs 300 crore towards the execution of projects and Rs 450 crore for land acquisitions.
“So far, we have committed Rs 200 crore for land purchases in the NCR and are aggressively looking to acquire more land,” Amit Sarin, director, Anant Raj Industries, told DNA.
An analyst covering the company said on condition of anonymity that the developer recently purchased 12 acres in Manesar and 10 acres in Sonepat for Rs 45 crore and Rs 15 crore, respectively.
However, details of other land purchases could not be immediately ascertained.
The company, which mostly focuses on developing properties in NCR, is looking to deliver over 2 million square feet (msf) of commercial and residential properties in the next two years.
The revenue realisation is expected to be about Rs 1,300 crore over the next four years from sale of its housing projects, and Rs 160 crore annually from commercial rental income by fiscal 2011.
The total proposed development is over 8 msf of developable space in the next five years.
The real estate sector, which was facing acute recession since 2008, had seen a complete freeze in land acquisitions due to low customer demand and oversupply.
But in the last six months, developers such as DLF and Unitech have once again started acquiring land on a project basis.
Anant Raj, with almost zero debt on its books, is looking to take advantage of the distress-sale deals available in the market.
The company is also expanding phase one of its IT special economic zone project, from the existing 1.4 msf to 2.1 msf, since the commercial demand has improved.
