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Mobilization of $100 by way of selling their stake to two private groups says a report from Ansal group

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Consultations are going on between Ansal group and infrastructures (API) and Red Fort India Real Estate Fund and Investate Realty to manage USD 100 million by way of disposing its stake in two projects as per a source from www.propertykhaza.com. The API group was in search of investors for its projects but did not want to disclose any further details about the same. Even Red Fort and Investate evaded queries on this matter.
Talks between two groups and Ansal properties are in the initial stages and the two groups intend to hold a 26% stake in the upcoming projects in Lucknow and Dadri situated near Delhi. A source from, www.propertykhazana.com states that 8.5% of Ansal’s Dadri project is vested with HDFC’s Asset Management Group for over Rs. 225 crore during the last fiscal year when no downtrend was witnessed in the realty segment. There were comments that the estimation of the Dadri project by the groups has come down because of the inflow of funds from HDFC as the property market and the estimation of lands saw a fall.
There was no clear-cut picture as to how many acres API has brought for the said projects but would want to develop 2500 acres in Dadri and 2000 acres in Lucknow. The two projects would have homes, shops, offices, hospital, hotel, academic institutions and sports facilities. For further queries refer to www.propertykhazana.com

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