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Adani group to develop Rs 5,000-cr township

02 May 2011 Evaluate

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

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.

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