Ansal Properties and Infrastructure Ltd has officially announced the launch of an ambitious township project covering approximately 2500 acres, located adjacent to Greater Noida in Uttar Pradesh. The company is looking to inject a substantial investment of Rs 26,800 crore into this development over the next five years.
Branded as The Megapolis, this township comes with the potential for expansion to around nine thousand acres, giving the company an option to significantly enlarge the project. Should the company pursue this extension, governmental approvals will be required, positioning The Megapolis to potentially rank among the largest residential developments in India, alongside DLF Ltd’s proposed Bidadi Knowledge City, which spans 9,178 acres between Bangalore and Mysore.
The landscape of large township projects is increasingly visible in smaller cities, where land prices are more affordable. This trend is fueled by entities establishing manufacturing plants and offices to reduce costs, ultimately attracting future residents. Aside from The Megapolis, other notable township projects in India include Ansal’s own undertaking of 5,000 acres in Lucknow, DLF's similar project in Dankuni near Kolkata, and Emaar MGF’s 3,000-acre township nearby Chandigarh.
The Uttar Pradesh government has approved The Megapolis, which is conveniently situated about 3 kilometers from Greater Noida. Land acquisition will be executed directly from farmers and through government mediation. Ansal is tasked with acquiring 75% of the land directly from farmers, while the government will handle the remaining portion. To date, the company has successfully purchased around 300 acres of land, incurring costs of approximately Rs 35-40 lakh for each acre.
P.N. Mishra, the executive director of business development at Ansal, expressed, "Once we acquire 60% of the land for the project, the government will approve the site plan of the project." He further elaborated, “We plan to develop initially on 2,500 acres of land, but we aim for an eventual expansion up to 9,000 acres.”
Funding for the project will come from a combination of internal accruals, customer advances, and collaborations with financial institutions. Notably, Ansal has already established a partnership with HDFC Bank Ltd, who has taken an 8% stake in the project. HDFC has previously invested Rs 500 crore, although the total value of its stake has not been disclosed. Mishra stated, "We have an arrangement with them (HDFC) according to which HDFC will be our equity partner throughout the project." He continued, stating that the initial investment aims primarily at funding land acquisition costs.
Even amid a sluggish property market—revealed to have slowed by up to 30% in the suburbs of Delhi, such as Noida, Greater Noida, and Gurgaon—Ansal reports confidence in its venture. The firm claims its clientele primarily consists of genuine users rather than speculative investors. So far, the company has successfully sold 200 individual plots within the township.
Planned features of the township include five natural lakes, a canal, ample sports facilities, and notably, an 18-hole golf course designed by the renowned golfer Nick Faldo. The township will offer various property types, including individual plots, villas, bungalows, multi-storey condominiums, and group housing complexes. House sizes are intended to range from 1,800 to 4,446 square feet, with individual plots currently priced at around 1,300 rupees per square foot.
Approximately 900 acres of The Megapolis have been designated for residential development. Moreover, the project is envisioned to be employment-oriented, featuring space allocated for high-tech industries, IT, and bio-tech firms, alongside provisions for convention centers, hotels, schools, and colleges.
Ansal's previous township initiative in Lucknow, known as Sushant Golf City, was launched a year prior. It has made significant progress, with essential infrastructure like roads, water, and power supply already established, alongside ongoing home construction.