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?City is witnessing realty boom?

india Updated: Nov 11, 2006 17:25 IST

Ansal Housing and Constructions Ltd was incorporated in 1983 to undertake real estate development and construction of high-rise commercial and residential properties in India and abroad. The group has presence in 20 cities across the country and has also developed an 800-acre residential township in Sri Lanka. Manoj Ahuja spoke to AHCL president Kushagr Ansal. Excerpts:

How do you see the real estate scenario in Indore?
The boom has just started now. A fast growing middle class with better income levels has improved the purchasing power. Now, the actual flavour to enjoy a good lifestyle is developing.

Anyone wanting to deliver quality product at right price will be a success because the middle class wants it. Indore is a growing city and has a good market for premium housing. A number of townships like Omaxe and Sahara City are coming up in Indore.

So, what’s your USP?
I am trying to sell modern living. It is a concept. From the time you get up in the morning to the time you go to sleep, it should reflect in your surroundings. We are trying to promote a ‘walk-to-work’ culture where a doctor or a CA can have his office on the campus.

Also, our location makes the difference. I think people in Indore are yet to cross the psychological barrier of living at the other side of the Bypass and instead prefer AB Road.

The mall culture is fast catching up in Indore. Do you have any plans in this direction?

We are considering it, but there are no concrete plans as of now. We do plan to start two more residential projects in Madhya Pradesh.

Tell us about your expansion and diversification plans?
We are in the process of developing seven townships in various cities across the country. The company has a total of 1,400 acres of township projects and 10-lakh sq ft of condominium projects, which it plans to develop over the next four to five years with an investment of Rs 3,500 crore. We are also going to launch more retail malls in north India.

What is the projected turnover for FY 06-07?
We are looking at a turnover of Rs 200 crore for this fiscal.