Published & Updated as on - 2010-02-23
Ansal API, the New Delhi-based real estate player
that deferred plans to launch Special Economic Zone (SEZ) projects in the
National Capital Region (NCR) due to falling commercial demand in sector, is
now launching an agro and food processing SEZ at Murthal in Haryana, spread
over 250 acres. The developer is also looking to set up a biotech park in
Lucknow across 80 acres, which will house 42 biotech firms. The company would
invest Rs 1,000 crore in the unit. In the first phase of the project, Ansal
would sell plots in the sizes of 5-10 acres and multiples to companies, which
would be operational from early 2011.
The
developer has already signed memorandum of understanding (MoU) with five rice
exporters and is expecting sales in the range of Rs 600-700 crore from the
initial phase. The funds raised from selling the plots would be used to
construct built-out units in the subsequent phases, which would be either
leased or sold. Ansal officials refused to comment. Last year, Pranav Ansal,
managing director of the company, had hinted the company might denotify the SEZ
due to delays in getting approvals and also because of global headwinds. In
2008, DLF Ltd, the largest real estate developer in the country changed its
earlier plan of building an information technology SEZ in New Delhi and instead
launched a housing project called Capital Greens.
That
was because DLF expected demand for housing to remain strong. It was able to
sell two phases of the project within hours of launch. However, the source
added that Ansal has already tied up with several companies to set up
operations in the SEZ.“Ansal is selling plots in the first phase, so there is
not going to be any major construction cost for them and demand in the agro
sector is very strong compared with IT,” the source told DNA. The Murthal SEZ
would house companies manufacturing cereals, Basmati rice, dairy products and
other agro products and would have warehouses, cold chains and test labs etc.
Source: Indian Realty News 22/2/10
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