Anant Raj to invest Rs 4,300 cr in 3 yrs to develop properties
Realty firm Anant Raj Industries plans to invest about Rs 4,300 crore in the next three years to develop various properties across north India as it aims to earn Rs two crore rental everyday by 2010.
By PTI |
NEW DELHI : Realty firm Anant Raj Industries plans to invest about Rs 4,300 crore in the next three years to develop various properties across north India as it aims to earn Rs two crore rental everyday by 2010.
"We want to build and lease. Our focus area is to develop IT park, IT Special Economic Zones and hospitality projects," Anant Raj Industries Executive Director Amit Sarin told media.
Sarin said the company has planned to develop four SEZs, two service apartments and one IT park across various locations in northern states.
The estimated cost to develop these projects is about Rs 4,300 crore, he said, adding the constructions would be completed within next three years.
On the back of its soon to be completed projects, the company is expecting a rental Rs one crore by the end of this year.
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"After many of our projects get operationalised, we are hoping our daily rentals to touch Rs two crore by mid 2010," Sarin said. Asked about the funding of projects, he said: "We are a zero debt company and have strong cash reserve of Rs 800 crore. Mostly it will be funded through internal accruals with very little debt, besides joint ventures."
Sarin noted that company has not been affected by the current slowdown in the real estate sector as the firm is "location driven, but not destination driven".
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