Delhi realtor to invest Rs.1,200 crore in integrated townships

April 16th, 2009 - 8:43 pm ICT by IANS  

Chandigarh, April 16 (IANS) Developer AIPL Ambuja, a joint venture between Delhi-based Advance India Projects Ltd and Ambuja Realty of Kolkata, is planning to invest Rs.1,200 crore in northern India to develop integrated townships across the region.
“We will set up ultra-modern integrated townships, including flats, malls, commercial establishments and healthcare and hospitality facilities. We have planned to invest Rs.1,200 crore over the next three years on this project,” AIPL Ambuja chief executive Gurpreet Singh told reporters here Thursday.

In the first phase, townships will be developed in Amritsar, Khanna and Mohali towns in Punjab under the brand name of ‘Dream City’.

Of the total budget, Rs.600 crore has been earmarked for Amritsar and Rs.200 crore for Khanna.

“We would include more locations in our project in the coming days. But right now I cannot disclose its details as our negotiations are still on with various agencies,” Singh said.

Added Sonia Kathuria, head of sales and marketing: “We are venturing into Punjab only after conducting detailed surveys.”

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