New Delhi: Real estate developer Ansal Properties & Infrastructure on Wednesday said it plans to expand its two big townships in Lucknow and Greater Noida by a total of about 4,000 acres, for which it has sought permission from the Uttar Pradesh government.
The company is currently developing a 3,500-acre township Sushant Golf City at Lucknow, while the Megapolis township at Greater Noida is spread over an area of 2,500 acres.
"Our focus is housing and primarily development of townships for the middle and high-middle class people. In order to offer more homes to more people, we have applied for expansion of the two hi-tech townships to the UP government," Ansal API Chairman Sushil Ansal told PTI.
The company has applied to expand the Sushant Golf City to 6,000 acres, while application has been made to extend the Megapolis to 3,500-4,000 acres, he added.
"The applications are under consideration and the Lucknow project may receive the approval for expansion very soon. Both the projects are under development now," Ansal said.
The company is developing about 70,000 units and 50,000 units at present at Lucknow and Greater Noida respectively.
"With the expansion, we will be able to offer a total of another 80,000 new units in both the townships," Ansal said.
When asked about the size of investment that the company is likely to put in for the additional development, he said Ansal API is currently putting in about Rs 33,000 crore over a period of two decades and "it will increase proportionately".
Talking about sales revenue, Ansal said: "From Lucknow we are expecting Rs 25,000 crore sales and it will go up by Rs 15,000 crore post expansion. Similarly, the Megapolis' value will go up by another Rs 20,000 crore from Rs 30,000 crore."
The company had earlier announced to fund these two projects through various modes, including internal accruals, debt and private equity raising.
Besides these two projects, the company is also expanding another township -- Esencia -- at Gurgaon by 200 acres, Ansal said, but did not share details.
The Gurgaon township is being developed in 112 acres of land with about 3 million sq ft of saleable area.
The company currently has a net land bank of about 8,500 acres in various locations across the country.
Ansal API on Wednesday announced to convert its Ansal Institute of Technology (AIT) into Ansal University (AU) -- a Haryana state varsity.
Commenting on this move, Ansal API's education venture Sushant Group of Institutes Director C S Nagpal said: "AIT was affiliated to AICTE. However, it was very difficult to expand under AICTE. Even we cannot have our own syllabus according to the Need. So we decided to transform it into a university."
Although it will have reservations for concessional fees, normally a student will have to pay a minimum of about Rs 1.2 lakh a year to study at AU, he added.
First Published: Wednesday, May 16, 2012, 18:52