AHMEDABAD: FDI-backed real estate firm Alpha G Corp, which owns and manages the Alpha One mall at Vastrapur, is looking at setting up an integrated housing project on city outskirts.
The Gurgaon-headquartered company has already launched three township projects, one each at Fatehbad in Haryana, Karnal and Amritsar.
The company's 1.2 million square feet Alpha One mall became operational last year. The group invested over Rs 360 crore in the mall.
"We are bullish on Gujarat. We have leased out 98 per cent retail space at the mall in Ahmedabad and will now be developing an integrated township project," said Prodipta Sen, executive director (retail) of the company.
The company is looking at the real estate asset management route for the project. He said that the company is conducting due diligence and is in process of acquiring land for this project. "There is a huge demand in Ahmedabad for affordable housing. We are looking at a project priced between Rs 25 lakh and Rs 40 lakh," said Sen.
"We have sent a fund outlay for Rs 5,500 crore in north India over the next three years. In western India, we are looking at investing a similar amount and at least half of it will come to Ahmedabad, Vadodara and Surat," he added.
Talking about retail sector in Ahmedabad, Sen said that the local developers failed to assess the need of an Amdavadi.
"The mall has recorded a footfall of over one crore in the last one year, which means an average of around 30,000 visitors daily. The brisk business done by the various domestic and international brands narrate the potential of Amdavadi shoppers," said Sen.