Having made a big entry into the real estate sector through a 600-acre township project in Ahmedabad, the Adani group is making a foray into the lucrative realty market of Delhi-NCR. The group's real estate arm Adani Realty Business has acquired 41 acres land near the Dwarka-Manesar proposed Expressway at Gurgaon where it plans to develop a township.
The company has acquired two parcels of land and will develop three million sq ft. At the moment the project is at the drawing board stage and work should start after six months. It all depends on the execution of the expressway project, said Tarwinder Singh, chief executive officer (CEO), Adani Realty Business.
The location of the project is unique and the company will put up a model township as demand for quality homes is high in that region. The company will construct two-BHK to five-BHK homes, Singh said.
He said the firm is looking at developing more such projects but he did not identify the locations. In November 2010, the Adani Group had made a foray into township projects by launching Shantigram, Gujarat's largest integrated township development. This mixed-use development will spread over 616 acres in Ahmedabad.
The first phase of the project, located on 200 acres, is slated for completion in 2014.
Since launch, around 1,000 flats have been booked. The company now intends to get more bookings from non-resident Gujaratis and corporates who would like to invest in Ahmedabad, one of the fastest growing business destinations in India.
The company plans to develop a total of 15,000 apartments and high-end villas in this premier township that will have 80 per cent open space, including a golf course, a full size cricket stadium and Olympic-size athletic track and football ground.
Including the land value of Rs 3,000 crore, the total project is estimated to cost Rs 5,000 crore. And the whole project will be complete in six to seven years, company officials said. The flats are being sold at Rs 2,600 to Rs 3,500 per sq ft at this project and a two-bedroom apartment starts from Rs 32 lakh.