Ansal enters J

Jammu, Jan 18 (UNI) Ansal Buildwell Ltd, the real estate developers, today announced rs 150 crore investment in Jammu and Kashmir, with its Rs 30 crore residential project -- florence apartments -- in the city of temples.

The real estate player, in a joint venture with a local Sansar Group of companies, has taken up Rs 30 crore residential project near Jammu Tawi railway station as its first step to advance in J&K.

''This 72-apartment luxurious and integrated housing project of Ansal (Buildwell) will be completed in 24 months time,'' company's DGM (Marketing) Rajeev Kalia said at a press conference.

The project consisting of two towers of five floors each with 24 two-bedroom and 48 three-bedroom appartments will be completed in 1.4 acre land.

As the Ansal Group, being an outsider, cannot acquire property under the special status in J&K state, it has come up with an association with Sansar Group which, owns land within the Jammu Municipal Limits at Trikuta nagar.

''All the formalities for florence apartment have been completed and its foundation stone will be laid tomorrow,'' Mr Kalia announced.

The Delhi-based real estate company plans rs 150 crore investment for taking up integrated townships and commercial projects in the state.

On Kashmir, Mr Kalia said, ''yes, we would like to work in the valley, but someone (locals) have to come forward there also.'' Ansal buildwell is also negotiating on some more projects in the state. ''yes they are in the pipe-line, but not freezed yet,'' he said.

UNI VJ PDT KP1709