Ansal API sold space worth Rs 1,880.53 cr so far this fiscal

Realty firm Ansal Properties & Infrastructure today said it has sold nearly 17.5 million sq ft of space worth Rs 1,880.53 crore during this fiscal across various cities in North India.

According to an investor presentation, Ansal API has received bookings for 1.66 million sq ft of space in January with a sale value of Rs 166.74 crore.

"The total sales booked in 10 months in FY11 increased to 17.47 million sq ft, aggregating to sale value of Rs 1,880.53 crore," the company told its investors.

The company received highest bookings for 9.6 million sq ft in its largest township, Sushant Golf City, in Lucknow. Another township 'Esencia' in Gurgaon contributed 2.52 million sq ft to its total sales booked in April-January period.

'Sushant Golf City' is a 3,530-acre hi-tech township, while 'Esencia' is being developed in 112 acres of land.

When contacted, Ansal API Assistant Vice-President (Investor Relations) Dinesh C Gupta told PTI: "We are seeing very good demand for our project. So far we have received nearly Rs 600 crore from the bookings and the rest is expected over the next 30 months."

Out of the total sales, plots contributed 8.87 million sq ft, while villas and group housing projects accounted for 4.37 million sq ft, the presentation mentioned.

The company currently has a net land bank of over 8,500 acres in various locations across the country. In January, it received bookings for 1.66 million sq ft, aggregating to sales revenue of Rs 166.74 crore.

"Major chunk of the sales were booked in Sushant Golf City of 0.97 million sq ft and in Esencia 0.21 million sq ft," the company said.

Ansal API is currently in the process of raising up to Rs 350 crore in 2011 from private equity players by diluting its stake at various projects to fund its ongoing constructions.

Last year, the company had raised Rs 231 crore through private placement of shares to institutional investors for reducing its debt and execute ongoing projects.

Ansal API has reported a 4.81% jump in its consolidated net profit for the quarter ended December 31, 2010, at Rs 32.93 crore compared to Rs 31.42 crore in the corresponding period previous year.

The consolidated total revenue during the third quarter of this fiscal increased by 6.50% to Rs 353.17 crore from Rs 331.60 crore in the year-ago period.

Shares of Ansal API closed the day at Rs 41.05 per share on the Bombay Stock Exchange, up 2.11% from the previous close.