Ansal API has announced the setting up of a 2,500 acre integrated township involving a total project cost of Rs 13,000 crore in Dadri district adjoining Greater Noida in the national capital region.
The project, titled Megapolis, will house over five lakh people after completion. “We would fund the project through internal accruals, equity participation from developers and dedicated funds as well debt,” Ansal API chairman Sushil Ansal said.
Ansal said the company has set up a special purpose vehicle (SPV) and promoters would divest up to 40 per cent equity to investors in the SPV. “HDFC Asset Management Company has agreed to buy 8.5 per cent stake in the project with an investment of Rs 225 crore. We are also talking to developers in the Gulf region and private equity funds,” Ansal said.
The promoters have acquired 500 acres of land from farmers directly and expect to set up the entire land bank for the project in the next two years.“There will be plots ranging from 194 square yards to 1,200 square yards and there would be options of built-up as well vacant plots,” Ansal said.