Anant Raj Limited forms Joint Venture with Birla Estates Private Limited

The project aims to develop two new residential projects at Gurugram, Haryana

New Delhi, July 11, 2019: Anant Raj Group, the Delhi-NCR based real estate developers have formed a 50:50 joint venture Birla Estates Private Limited, a part of BK Birla Group. Named “Avarna Projects LLP”, this LLP(Limited Liabilities Partnership) between the two real estate  powerhouses will commence in November’19 and is expected to be completed in the next 3-4 years.

In this JV, Anant Raj Group will develop two new residential projects in Sector 63A, Gurugram The two residential projects include a Group Housing project of approx. 26 Acres and Gated Independent Floor Colony project of approx. 47 Acres (part of Anant Raj Estate project) which collectively spreads across 33 lakh square feet of the residential area. These will be developed and marketed as a joint venture of Birla Estates and Anant Raj.

The project has a total investment of approximately 760 crores which includes contribution in the form of capital and loan of the two Partners in the form of , mainly 50% value of project lands to be transferred to the Avarna Project LLP, as Anant Raj’s contribution as the Partner’s loan. Presently, the estimated investment of the company in the joint venture would be INR 380 crores, with the project land belonging to Anant Raj Ltd. while Birla Estates Limited will be the developing partner.

x