"We plan to develop seven residential townships in Tier II cities. Besides, two malls are coming up in Meerut (Uttar Pradesh) and Himachal Pradesh and an IT park in Bangalore. We will invest Rs 2,000 crore (Rs 20 billion) in the next 3-4 years in these projects," company's Director Kushagr Ansal told PTI.
The company has plans to launch 12-13 townships in next one year, he said, adding seven have already been identified, which would come up in Agra, Indore, Jammu, Kurushetra, Rewari and two in Karnal spread over 60-130 acres.
About 1,500 acres of land has already been acquired for developing these projects, Ansal said.
He, however, declined to comment on where the company intends to develop the remaining 5-6 townships. "We are focussing on developing townships because there is lack of developed residential space in Tier II cities and we see a lot of growth in this segment," he said.
When asked about the source of investment, he said it would be funded through internal accruals and 10 per cent debt.
On the company's plan to foray into SEZs, Ansal said, "We are thinking about it but we are yet to take a decision."
Its turnover rose by 63 per cent at Rs 48 crore (Rs 480 million) for the quarter ended September 30, 2006, while net profit jumped by more than two fold to touch Rs 9.11 crore (Rs 91.1 million), compared to Rs 3.99 crore (Rs 39.9 million) in the year-ago period.
Giving details about other projects, Ansal said the two malls would have a built up space of 2.5 lakh sq ft each. While the Meerut project would be mostly retail, the Shimla project would have both retail and a hotel.
The Bangalore IT park project will comprise of both office and residential spaces in equal proportion.