Ansal sees Rs 730 cr from two townships

Ansal API, the New Delhi-based real estate player, is looking at garnering sales of at least Rs 730 crore from two townships in the next two fiscals, even as it ramps up its plans for the affordable housing segment, a source familiar with the development said.

The developer is currently working on 19 townships focusing on the residential sector, which includes two mega townships of 1,765 acre Sushant Golf City, Lucknow and 2,504 acre Megapolis Dadri, Greater Noida.

The realtor has received Rs 410 crore as advances from sales in its Sushant City project and has bought land for the first phase in Megapolis. These two townships would provide sales of Rs 330 crore in fiscal 2011 and Rs 400 crore in fiscal 2012 as the developer increases its marketing and sales initiatives in these two townships.

Ansal would now acquire 2,121 acres for the Dadri township and 530 acres for the Lucknow township to launch other phases.
The Sushant Golf City Township is being developed in three phases with total of 60 million square feet of saleable area, comprising 23 million sq ft of residential and 27 million sq ft of non-residential development such as retail, commercial and industrial, etc.

Ansal has already sold 10 million sq ft of residential units, including villas, plots and vertical apartments in the Lucknow township.

The company is now looking to generate sales of Rs 330 crore from the sale of plots with an average price of Rs 1,333 per sq ft and additional Rs 489 crore from the sale of villas, group housing and apartments.

The Ansal spokesperson was not immediately available to comment on the developments.

The Megapolis project has saleable area of 73 million sq ft, of which 40 million sq ft is residential. It has already sold 4.3 million sq ft of plots, villas and apartments and booked Rs 660 crore of sales in its latest third quarter.

The developer has received Rs 160 crore as advances from customers and will generate further sales of Rs 410 crore from the sold area in the phase one.

To focus on affordable housing, Ansal has recently shifted its focus on townships in tier 2 cities from the commercial segment. The townships are in areas such as Agra, Mohali and Kundli apart from Lucknow and Jaipur.