New Delhi: After spending Rs 200 crore in 2010 to acquire land in Manesar and Sonepat regions of NCR, the New Delhi-based real estate developer 'Anant Raj Industriesis' looking to invest Rs 600 crore to buy land primarily in the National Capital Region in the current fiscal to ramp up its residential foray.
The company, which mostly deals in the commercial and retail real estate business, is looking to have an equal share of the residential and commercial portfolio over the next few years.
Anant Raj is looking to launch its residential project in Manesar, Haryana with total developable space of one million square feet (msf) and total revenue generation of Rs 200-250 crore in the next one year. The company has over Rs 600 crore of cash reserves, and had allocated Rs 150 crore towards the execution of projects and Rs 450 crore for land acquisitions. Anant Raj is looking to deliver over 2 msf of commercial and residential properties in the next two years.
The revenue realisation is expected to be about Rs 2,000 crore over the next three years from sale of its housing projects, and Rs 160 crore annually from commercial rental income by fiscal 2011-12.
It will also announce its first luxury South Delhi premium residential project in the next two months with 80 luxury apartments spread over 0.2 million sq ft, with a possible revenue generation of over Rs 500 crore.
IIFL analyst Bhaskar Chakraborty said in a note, "Management expects to sell 3 msf in residential projects in Bhagwandas Road, Hauz Khas, Kapashera, Manesar and Sonepat. It has successfully launched and sold the entire project in Kapa Shera (0.26 msf) for Rs 5,000/sq ft. In addition, its mid-income/affordable housing project in Manesar is 20% sold at Rs 2,700/sq ft."
