Agastya07

Bharti-Walmart, a 50:50 joint venture between Bharti Enterprises and US-based Walmart, has roped in real estate company, Ansal API, to set up its cash-and-carry store in Lucknow.

The ‘Best Price Modern Wholesale’ store in Lucknow will be spread over 60,000 sq feet in Sushant Golf City, a high-tech residential township being developed by the Ansals.

“It is a long-term lease agreement. The minimum lease would be for seven years. The Bharti-Walmart unit would come up by end of this year,” a company official said.

Lease contract with Ansal API is part of the Bharti-Walmart initiative to open 165 outlets in wholesale format by 2011-end. The company already operates three cash-and-carry stores in India at Amritsar, Ludhiana and Jalandhar.

A senior Ansal API official confirmed the deal, however refused to give the details. A Bharti-Walmart spokesperson said, “We do not comment on specific real estate properties.”

Ansal API is developing a residential township spread over 3,500 acres 10 km away from the main city. The township, also being considered as sub-city, will have hospitals, universities, offices, biotech-park, retail units and five-star hotels. The entire project is expected to cost Rs 50,000 crore.

The real estate firm will construct the unit for Bharti-Walmart.

The Best Price Modern Wholesale store stocks 6,000 items with a range of fresh, frozen and chilled food, fruits and vegetables, dry groceries, personal and home care, hotel and restaurant supplies, clothing, office supplies and general merchandise items.

The JV is expected to open 10 to 15 wholesale cash-and-carry facilities and employ 6,000-7,000 people over next two years

rohin9

Great news indeed...

bondss

Thanks for latest news Guys.

Agastya07

Do you have any up date on Ansal API project. Do you have any info. on on going rates for plots ?

bondss

Agastya

last time when I was in Town I saw Sushant Plot advertisement (perhaps in Dainik Jagran), the rates were around 800-1000 Rs/ Sqft.

You may have to search Brokers, m sure such Big Project cant be sold out in few months.

Let me also know if you find something interesting.

btw I blocked a 320 Sq Yard plot thro ACRE scheme last year. Supposed to be registered by early next year only and then will come to know the Rates in open market.

Rgds...

Agastya07

But will you get the plot or your money back ?

bondss

Plot supposed to be registered by early next year.

Agastya07

This scheme was offered to me also but I have not opted for it. I do not know weather Ansal will honour it or not. The sample agreement was confusing.

bondss

You are correct upto some extent. Earlier they offered 24% interest and later revised to 15% incase agreement is not honoured.

However I have seen couple of my friends, got the allotment as per agreement hence I also booked it. Lets keep fingers crossed.

Agastya07

Your freinds has taken in pahe-1 ?. If you get the plot indeed it will be a very-2 good deal for you. Good luck to you.