Luxury apartments all the way; Akme rolls out its plans

New Delhi, Mar 27 (UNI) The Anil Nanda Group today announced the launch of Akme Platinum 'Vilas in the sky' project in Ludhiana, an ultra premium residential space, and said it will roll out similar projects in Mohali and Bangalore in the next two months and complete this range in seven projects by fiscal year 2008-09.

Mr Anil Nanda, Chairman Akme Projects Group, told newspersons here that the projects are designed to showcase a blend of European elegance coupled with elements of international luxury. An apartment is in the range of Rs one crore.

Mr Nanda said the projects are in 50:50 partnership with 'MPC Synergy Real Estate' of Germany, a German and Swiss Venture. MPC Capital is the largest fund issuing house in Germany with assets of nearly 18.5 billion dollars.

Mr Nanda, son of late industry doyen H P Nanda, the founder of Escorts Group, said the reason for launching the premium segment in Ludhiana and Mohali was the great demand in the area for upmarket houses, including those from NRI's who migrated from Punjab.

There are several factors for this high demand as the area has one the highest per capita income, poor infrastructure in the city, insatiable requiremnts of overseas Indians who may plan to come back to India or want an apartment for mere investment purposes and the money generated in the city which has become an industrial hub.

Mr Nanda said the Joint Venture Company will invest 100 million dollars in equity in Phase 1 of premium projects. A total of seven premium projects are to be launched with an equity of 250 million dollars.

Mr Nanda said his Group and his partners will pool in more equity and acquire debt in a much larger measure to finance future plans.

Akme Projects Limited is the flagship company of 'The Anil Nanda Group' which began its commercial operations in 2004. It is today credited with more than 2.7 million square feet of residential and commercial development in various stages of handing over 6.2 million square feet in various stages of development.

The Anil Nanda Group holds 80 per cent equity in Akme Porjects while 20 per cent equity is held by the German Foreign Institutional Investor.

The company also has projects which are being developed in Gurgaon on the National Highway as well as NOIDA.

''Ludhiana is the business capital of Punjab and is one of the fastest evolving cities in India. 'Vilas in Sky' is a new concept which combines the virtues of community living without compromising the lavishness of a private bungalow. These super premium apartments are fully air conditioned, come with factory home appliances, have private pools and a sky garden in each apartment,'' Mr Nanda said.

He said the company plans roadshows in Vancouver in Canada and London and Brimingham in England.

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