Adani Group to develop Rs 5,000-cr township

Adani Group's real estate arm, Adani Realty Business, is developing a 616-acre integrated township in Ahmedabad at a cost of Rs 5,000 crore.

Addressing mediapersons here on Friday, Mr Chintan N. Parekh of Adani Township and Real Estate, said a total of 40 million sq ft comprising commercial, residential and hospitality would be built over 7-8 years.

Over 1,000 apartments had been booked since November 2010. The properties on offer include residential apartments in the middle and high-end segments, with prices ranging from Rs 32 lakh to Rs 2.50 crore for an apartment. Prices start at Rs 2,600 a sq ft, he said.

The land, valued at Rs 3,000 crore and owned by the Adani family, has been transferred to a special purpose vehicle formed for developing the township. About Rs 700 crore had been spent so far for developing the infrastructure.

On funding, Mr Parekh said the real estate arm was a debt-free entity and internal accruals would be there to address requirements.

Asked whether the project's prices were on a par with the Godrej Properties' project also at Ahmedabad, he said they are similar to some extent except for the high-end and luxury offerings being built by the Adanis.

Mr Tarwinder Singh, Chief Executive Officer, Adani Realty Business, said the township was specially designed, keeping in mind the requirements of different categories. It is a futuristic township, which will accommodate residential and commercial complexes, as well as lifestyle and entertainment zones, he said.

Adani Realty proposes to conduct road-shows across the country and in different countries to promote the development.