Ansal to invest Rs 11,000 cr by 2010, inks JV with Ritesh Ind

New Delhi, Feb 6 (UNI) Aiming to tap high potential areas in Punjab, real estate developer Ansal Properties and Infrastructure Ltd (APIL) will invest Rs 11,000 crore by the end of 2010 to develop 20 projects, including townships and commercial complexes.

''In the next three to four years, we are going to pump in Rs 11,000 crore in various projects,'' company President Deepak Sachdev told reporters here on the sidelines of a conference to announce a joint venture with garment exporter Ritesh Industries.

Of the 20 projects, five will be townships, and the remaining will be commercial ones including an IT park. From these projects, the company expects a total revenue of Rs 15,000 crore.

The company has already launched its township project in Mohali, covering 600 acres of land at a cost of Rs 3,000 crore.

APIL has also drawn up plans to set up more townships in Ludhiana (250 acres), Jalandhar (400 acres) and shopping malls in Amritsar.

''Work on these projects will start within the next six months,'' Mr Sachdev said.

The company will also set up a real estate project in Ludhiana in joint venture with Ritesh Industries. ''The project, Hampton Court, will cover 42 acres of land,'' Mr Sachdev said without divulging the investment figures.

The project is expected to give a revenue of about Rs 800 crore.

Only 24 per cent of the 42-acre-area will be utilised in housing, the remaining will be left for parks, clubs, community hall and playgrounds.

Under the agreement, APIL will undertake the development work of the project while Ritesh Industries will provide the required land.

''The project will be started in the first quarter of the next financial year,'' Mr Sachdev said.

Commenting on the revenue sharing, Mr Sachdev said, ''It will be in tune with the individual investments.'' Ritesh Industries Managing Director Sanjeev Arora said, ''This is our first project in realty business. The company has plans to foray into more such projects.'' He said Ritesh Industries will sign Memorandum of Understandings to purchase over 200 acres of land each in Punjab and Haryana for other projects within the next two months.

UNI