Falling Re brings overseas money to realty sector

The deprecating rupee might be a cause of anxiety for importers, but the same is a cause of rejoice for realtors, although in a different way. The rupee against the dollar had depreciated by around 27 per cent in the last one year.

Vikas Gupta, Vice President (Punjab), Ansal API, a realty player, believes strong dollar attracts investment from overseas, especially in the real estate sector.

Ansal API which intends to invest Rs 5,000 crore in Punjab in the next 5 years on their various projects, says non-resident Indians from European countries are clients for their properties and have purchased 50-55 units across different Ansal properties. In its quarterly result announced, it had stated that in the last fiscal,it had reduced net debt by Rs 252 crore, which now stands around Rs 1200 crore.

 

Ansal API officials says the plans of the company are to reduce debt by around Rs 200 crore every year.

Ansal API on Monday announced launching of their Carnation Towers at Orchard County, Mohali, near Chandigarh, with an investment of Rs. 450 crore.

The proposed Tulip and Carnation Tower would offer 3 BHK and 4 BHK apartments with an area ranging from 1,695 sq ft to 1,806 sq ft, 4 BHK area ranging from 1,770 sq ft to 1,796 sq ft. The flats have been priced at Rs 3,500 per sq feet and the company claims the possession would be delivered in 18 months.