New Delhi: Realty firm Ansal API is pumping in Rs13,000 crore to develop a township, touted as one of the biggest hi-tech cities in the country, spread over 2,500 acres adjoining Greater Noida.
The company is expecting revenue to the tune of Rs26,000 crore from the township, to be named ‘The Megapolis´ located at Dadri. It would be completed in the next eight years.
“We have successfully bagged a hi-tech city project from the UP government covering 2,500 acres,” Ansal API Chairman Sushil Ansal told PTI.
He said the size of the project could be extended up to 9,000 acres as per government’s hi-tech policy.
“The project will have a sale value of Rs26,000 crore and the total investment will be Rs13,000 crore,” he said.
Ansal said, approvals for the project have already been obtained and a memorandum of understanding (MoU) along with a development agreement have also been signed.
The company expects to book a net profit of Rs9,000 crore from this project.
“Investments to be made in developing the landmark project would be funded through a mix of internal accruals, bank loans and equity dilution at project level, he said,” adding the company would divest up to 40% stake in the project.
“We have sold 8.5% stake to HDFC AMC for Rs225 crore and are talking to few other people,” Ansal said.
Highlighting the features of the project, Ansal said it would have an education city, a medicity and one 18-hole signature golf course designed by Nick Faldo, apart from polo and equestrian facilities.
”We will also provide global business park and modern office buildings. We are putting bio-tech and IT parks too,“ Ansal said.
The township, expected to house five lakh people, is surrounded by five natural lakes to be upgraded by the company.
In the township, the company would construct four hotels in three and five star categories, comprising about 250 rooms in each hotel. It would also house five shopping malls.
Ansal said the company has acquired 500 acres of land from farmers to start the project, which would be developed in various phases.
Ansal API had posted a total income of Rs1,011.36 crore during the last financial year with a net profit of Rs173.51 crore.