After years of focusing on the commercial property space, Anant Raj Industries, infrastructure development and construction firm, is looking to launch its residential project in Manesar, Haryana.
The company would launch the project by April-end with total developable space of one million square feet and total revenue generation of Rs 200-250 crore in the next one year.
“We got the land at a very good rate, so after a long time we are getting back into residential projects. We have ample cash reserve so the construction activities can start immediately…it will be a mid-income housing project,” Amit Sarin, director, Anant Raj Industries, told DNA.
The project size would be of 4.5 million sq ft, and the developer would offer 575 flats in the first phase with prices would range from Rs 32-42 lakh. The unit sizes would be in the range of 1,650-2,000 sq ft.
The company has over Rs 700 crore of cash reserves, and had allocated Rs 300 crore towards the execution of projects and Rs 450 crore for land acquisitions. It recently acquired land in the NCR region for Rs 200 crore.
An analyst on the condition of anonymity said that Anant Raj recently purchased 12 acres in Manesar and 10 acres in Sonepat for Rs 45 crore and Rs 15 crore, respectively.
In a push to its residential business, the company is also looking to launch its South Delhi premium residential project in the next two months with 80 luxury apartments spread over 0.2 million sq ft, with a revenue generation of over Rs 500 crore.
However, project details could not be confirmed immediately.
Anant Raj is looking to deliver over 2 million sq ft 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 2011-12.
The total proposed development is over 8 million sq ft of developable space in the next five years.
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