Ansal to come up with a Rs1,700-cr Gurgaon township

Ansal API is planning a 112-acre township in Gurgaon, Delhi, which could bring in sales of Rs1,700-crore. The company would invest up to Rs1,300-crore to build the township in phases and would fund the investment through customer advances, a highly placed company official said. It has already invested Rs400-crore for the land acquisition.


The developer has received sanctions of Rs125-crore from HDFC Bank. This will be the first township to be rated as a green project by GRIHA, which is promoted by the ministry of new and renewable energy, and we expect all our new projects to be rated by them.


The costs could go up by 5-7 per cent as you use more expensive technology like solar power, etc, but project gets more credibility and are environment friendly.


The units in the luxury project would be priced between Rs50-lakh and Rs5-crore, and includes villas, flats, apartments and plots.
Ansal has a debt equity ratio of 1:1 and the company believes it is at a comfortable position to service debt from regular business operations and is not immediately looking to raise funds through equity dilution or qualified institutional placement of shares.


Ansal is also looking to launch 1-million square feet of commercial and retail space in Lucknow and would invest Rs200-crore to construct it.