Indian Real Estate: Order of The Day - Joint Ventures Rule

                                                                                         

Expertise and real estate developers brand names are attracting a number of farmers, businessmen and landowners to part with their lands for viable commercial deals.

Recently, Ansal API tied up with Ludhiana based garment exporters Ritesh Industries for the purpose of coming out with a Rs. 800-crore worth housing project and business park. “We will provide them land, while Ansals will do the construction and development. We will also do the marketing along with them. The project will have a small IT park, a residential area and a commercial block. It will also have a mini-hospital,” says Sanjeev Arora, Managing Director, Ritesh Industries.

Taking 2-3 years to be completed, the project will have 600-apartments in the residential area, while the business park will come up in an area of 1-million sq. ft. Covering 42-acres, the project lies on the Ludhiana – Chandigarh road. In addition, Ritesh Industries is also coming out with new projects in Jalandhar, Ludhiana and Amritsar.

Similarly, Ansals has tied up with Rs. 400-crore Bhatinda Chemicals to develop an integrated township in Bhatinda on a 230-acre site. According to Rajendra Mittal, Managing Director, Ansal API, better exposure and marketing strength are their driving force in these partnerships.

Another key developer in the region affirms that most of the industries and landowners have good land banks in prime locations. “They want to enter the realty business and we are in the business since a long time. They provide us lands and we look after the development and marketing part,” he says.
Sanjeev Jain, Managing Director of Parsavnath Developers says the company is going ahead with joint ventures with farmers, landowners and businessmen across the country.

The group, which has its presence in 16-states and 46-cities is not averse to having such tie-ups. “Its purely a one-to-one commercial deal, where everyone benefits,” according to Jain.

While, Kunal Banerji, Vice President – Marketing - Ansal API says: The demand for good residential projects is very high and Punjab is a big market. The land prices over here are also going high and joint ventures will help both parties.”

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Source: IndiaRealEstateblog

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