Adani real estate arm forays into NCR region
Dec 05 2012 , New Delhi
The township, Oyster Grande, would be spread over 40 acres and have a developable area of 3.5 million square feet. It would have 1,600 flats, ranging from Rs 1.1 crore to Rs 2.5 crore, and would be ready for possession by 2016.
“In the first phase we would develop 18 acres of land out of the allotted space of 40 acre and. The overall project would cost Rs 1,000 crore and we would fund it through debt and internal accruals,” Sunil Sharma, vice-president (finance and accounts), Adani Township and Real Estate said.
According to Sharma, the company has got all necessary approvals for the project three months back after which it has started excavation work on the project. Sharma says that the company has already sold out nearly 600 flats as part of its silent pre launch some time back.
Adani Realty’s flagship project is Shantigram township, which is spread over 600 acres, is currently underway in Ahmadabad, Gujarat. The growup has so far pumped in RS 3,500 crore in the sector, including one project in Ahmendabad and three in Mumbai.
The company had earlier said that it would invest Rs 1,200 crore to develop over 8.8 lakh sq ft of commercial and residential space in Andheri West in Mumbai. It will have 1.3 lakh sq ft of premium retail and commercial space and about 7.5 lakh sq ft of residential.
space with 400 units.
The company had, however, sold its retail business to Reliance Industries for about Rs 180 crore in 2006, leaving apprehensions in the minds of investors of the long-term commitment of the company in the sector.