A Delhi-based real estate developer, Ansal API is coming up with Sushant Megapolis, a 2,504-acre mega-city in Gautam Budh Nagar, adjoining Greater Noida, Uttar Pradesh. The first phase of the project measuring around 500-acre was launched in July 2008 and now the company has launched the second phase measuring around 600-plus acre.

The project consists of plotted scheme, built-up houses comprising villas and floors, group housing projects, commercial plots and entertainment zones.

Asked about the number of residential units the project will have, Dinesh Gupta, chief executive officer of Megapolis said, “The project, when completed, will be serving about 200,000 people. In next nine-12 months, 80 per cent of the phase I will be ready and phase II will take another two to three years’ time. We have already begun the work for the launch of phase III.”

Elaborating on the investment plans for the project, Gupta said, “The total investment, as per the present business plan on the entire project — and at the present costs of development, land and cost of construction — is estimated to be approximately Rs 7,000 to Rs 8,000 crore, which would be spread over the next five to eight years.”

The company has launched villas and built-up houses. In the group housing project, the company has launched one project named Fairway. This group-housing project comprises one, two, three and four BHK apartments with sizes ranging from 620-1,820 per sq ft. The base rate for various sizes of apartments is Rs 2,100 per sq ft plus the additional charges. The company is in the process of launching two other group housing projects in the next few months, Gupta informed.

Apart from these, the company has also launched various commercial projects-under-construction. The company is also trying to bring in local developers and smaller players of the real estate industry to buy space from them and build small multi-storeyed apartments, as an important sales strategy. “We are seeing lot of demand for this kind of concept. We have a single window clearance for the developers, thereby, easing the process,” he said.

Some of the significant features that the project will include, according to the company, are Nick Faldo Signature Golf Course, Mahesh Bh­upathi Tennis Academy, Sports Ac­ademy and Medicity.

When asked about further plans of the company, Gupta said, “We are planning to form a 75-acre SEZ and are at present looking at the overall scenario. We are also in route for 10-acre commercial project. The first building has been launched.”

Highlighting the locational advantage the project has, he said, “We share the boundary of our project with Greater Noida. We are six km away from Parichowk and the project is connected by 130 metre wide road. The last station of the planned Delhi Metro project, which is expected to be completed by 2013-14, is 500 metre away from our doorstep.”

sanusandilya@mydigitalfc.com