API begins work on 'The Megapolis'

New Delhi: Ansal Properties and Infrastructure has begun work on the hi-tech city project ‘The Megapolis’. The township adjoining to Greater Noida would initially be spread over 2,500 acres and will later be extendable to about 9,000 acres.

Earlier the UP State Government has approved the project.

The scheme is estimated to cost close to Rs. 13,600 crore with the project turnover is about Rs 26,900 crore.

The project will come up in phases, and the overall completion would happen by 2013,” said Mr P.N. Misra, Executive Director - Business Development, Ansal API.

“HDFC Group has decided to pick up 8% stake in the project,” Mr Misra noted.

It may be noted that the company had already acquired over 300 acres of land at site.