The company is planning to launch two housing projects in Gurgaon, expand an existing commercial space in South Delhi and construct close to 1,900 industrial affordable units in Andhra Pradesh.
Listed real estate developer, Anantraj Limited, is planning to launch two housing projects in Gurgaon, expand an existing hotel space in South Delhi’s Chattarpur area to set up an office and service apartments centre and construct close to 1,900 industrial housing units in Tirupati in Andhra Pradesh. The revenue potential for these four projects is expected to be close to Rs 4,000 crore, said Amit Sarin, Managing Director, Anant Raj Limited.
“As of now we have four projects in the pipeline. One is a group housing in Gurgaon. The company till date owns close to 180 acres in this project and we are in the process of continually buying land here. We plan to take this project to 250 acres. Depending on the policy prevalent at that point in time, the company will decide what it intends to do with the land parcel,” he said.
The company plans to launch an ultraluxury group housing project spread over five acres of land in Gurgaon. “The group housing project has a revenue potential of close to Rs 1,800 crore,” he said. The company intends to construct close to 10 lakh sq ft in this project and the construction cost is expected to be close to Rs 500 crore.
The company also received a license for an additional 12 acres in its existing project called Anant Raj Estate. The existing township is spread over an area of 110 acres in Gurgaon.
“The company is expected to develop plots or villas in this land parcel. ”We have close to 25,000 sq yards in this project and half an acre is reserved for commercial development. We are yet to take a call on whether we intend launching plots or villas here. If we sell only plots, then we are looking at a revenue potential of Rs 500 crore,” he said.
Anantraj Limited has also received all the approvals, including a registration certificate from the Real Estate Regulatory Authority, for the construction of the Anant Raj Centre in South Delhi’s Mehrauli.
The company has received approval for a mixed land use project in South Delhi. “We have received RERA registration for the hospitality and the office space project on Chattarpur road. Only one lakh sq ft is constructed till date. It intends to construct an additional six lakh sq ft. We have received a revised approval for serviced apartments and a hotel and construction has begun. This is a 5.5 acre development and the company expects to construct a new tower on the rear side. The cost of construction is expected to be close to Rs 300 crore excluding land,” said Sarin.
The project is expected to include rooms, banquet halls and serviced apartments. There will be close to 200 rooms including serviced apartments. The company intends to lease it to a hotel chain,” he said, adding the company may decide if it intends including retail in the ground and first floors once construction is complete.
The company, through its wholly-owned step-down subsidiary Jai Govinda Ghar Nirman Limited, has commenced an affordable housing project in Andhra Pradesh. Anant Raj Aashray-11 is coming up in Electronic Manufacturing Cluster 2 (EMC 2) in Tirupati and is developed by The Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The project has a saleable area of about 10 lakh sq ft. It has received all approvals for the construction work, from RERA, Andhra Pradesh. The cost for developing 10 acres excluding land is expected to be close to Rs 350 crore.
“This is an industrial township that we are developing in Tirupati. We will be launching it after Diwali. We will construct close to 10 lakh sq ft of space and approximately 1,900 apartments. The ticket size of these units is expected to be less than 20 lakh. We hope to complete the project by 2027. It will be a ground-plus-seven structure,” he added.
Anant Raj Ltd, a NSE/BSE listed company, is a diversified real estate company founded in 1969 by Ashok Sarin. It is engaged in the development and construction of IT parks, hospitality projects, data centres, office complexes, shopping malls, and all segments of residential projects. It has a commercial rental portfolio of close to Rs 65 crore per annum.
Source : Money Control