Adani group arm to set up township in Gujarat

Mumbai | Updated on April 29, 2011 Published on April 29, 2011

Adani group's real estate arm Adani Realty Business today announced a township project in Ahmedabad envisaging an investment of Rs 5,000 crore.

“We are commissioning largest realty project till date, ‘Shantigram', which will be spread over 600 acres in Ahmedabad, and will entail an investment of Rs 5,000 crore,” Adani Realty CEO, Mr Tarwinder Singh, told reporters here.

The company will invest Rs 3,000 crore for land development. Of this, it has already invested Rs 700 crore, he said, adding around 1,000 apartments have already been sold.

Adani Enterprises, the flagship firm of Adani conglomerate, has floated a special purpose vehicle (SPV) for the housing project.

This premier township project will involve the development of both residential and commercial spaces.

‘Shantigram' will be the only township in India to offer a golf course, a full-size cricket stadium with pavilions, an Olympic-size athletic track and football ground, Mr Singh said.

The project will be completed in phases. In phase I, the company is offering properties that include residential apartments in mid and high-end segments, with prices ranging from Rs 32 lakh to Rs 2.50 crore a unit.

Shantigram marks the beginning of the Ahmedabad-based Adani group's plan for similar townships across India, Mr Singh said.

The company is also developing a premier township project in New Delhi, he added.

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Published on April 29, 2011
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