New Delhi, Nov 6 (PTI) Realty firm Anant Raj Ltd plans to launch three new housing projects in Gurugram and Andhra Pradesh during the next 6-9 months with an estimated sales value of Rs 4,000 crore, as it seeks to expand business amid strong demand for residential properties.
Delhi-based Anant Raj Ltd, which is listed on stock exchanges, will launch a luxury group housing project in Sector 63A Gurugram, comprising over one million square feet of developable area.
The company also has plans to launch plots and villas, having a saleable area of around 1 million square feet, in its nearly 200-acre township 'Anant Raj Estate' in Gurugram.
Anant Raj has also started construction of 1,900 affordable housing projects at Tirupati in Andhra Pradesh.
"We are planning to launch three projects in Gurugram and Andhra Pradesh within the next 6-9 months. We are expecting a revenue of about Rs 4,000 crore from these projects," Anant Raj Ltd Managing Director Amit Sarin said.
The demand is very strong largely from end-users, he said.
At Tirupati, the company will sell affordable homes at a price below Rs 20 lakh per unit, targeting people working in the industrial units nearby.
That apart, Sarin said the company would develop a mixed use project in South Delhi, comprising a hotel, serviced apartments and office complex, with a developable area of 7 lakh square feet. The construction work has already commenced.
The company would lease commercial spaces in this mix-use project.
Last month, Anat Raj Ltd reported a 79 per cent increase in its consolidated net profit to Rs 60.37 crore for the second quarter of this fiscal on higher income. It had posted a net profit of Rs 33.74 crore in the year-ago period.
Its total income rose to Rs 340.83 crore in the July-September period of 2023-24, from Rs 265.87 crore in the corresponding period of the previous year. The company's total expenses grew to Rs 264.68 crore from Rs 223.84 crore.
Anant Raj Ltd is one of the leading real estate players in Delhi-NCR and adjoining cities. It is into the development of housing, commercial and data centre projects.
The shares of Anant Raj were trading at Rs 240.65 apiece on the BSE, down 0.46 per cent, in afternoon trade. The market cap stands at Rs 7,799.38 crore. PTI MJH DRR