Anil Ambani is quietly entering India’s buzzing and fast growing Indian real estate sector. ADAG is likely to make it foray through a clutch of developments in Jaipur.

From infrastructure to real estate development. ADAG is set to make the big leap and it is sending jitters in the real estate industry. ADAG has won the mandate to prepare the feasibility for a 145 km outer ring road project in Jaipur by the Rajasthan government. Under the Swiss auction method, ADAG will do the feasibility of the project, an exercise already underway, and then the government will call bids. ADAG will enjoy the benefit of matching the highest bid. If ADAG is eventually awarded the project it will enjoy rights to develop large tracts of land, as much as 3000 acres, on the outer ring road for both residential and commercial purposes. Sources say ADAG has already sounded off some leading property consultants.

A senior ADAG official said the feasibility report would be submitted by the end of the month and the group would comment on its future plans only once it wins the bid. Jaipur development authority sources confirmed ADAG was doing the feasibility and said as per the plan. For every one km of road, 36 hectares of area around it will have to be claimed. 25% of this or 9 hectares per km will be used for residential or commercial purposes. That’s a whopping 1,304 hectares up for grabs. The outer ring road will engulf 1,200 sq km of area and is expected to be completed by December 2009.

Source: moneycontrol.com
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