With the blessings of Lala Anant Ram Sarin and Smt. Raj Kumari Sarin, your company has added to its attributes several new verticals & developments in the existing businesses and is poised for a substantial turnaround in all its business verticals.
Coming to the operational performance: in the residential business, our JV – Avarna Projects LLP – with Birla Estates Private Limited has successfully completed and launched the Phase I of the independent floors project at our flagship Anant Raj Estate Township located on the coveted Sector 63 A in Gurugram. We expect the next phase launch of Independent Floors soon.
After the success of the JV with Birla Estate, this year, we have entered into a JV with Adani Group to develop 1600 affordable homes at Sector 36A in Gurugram. The company has proven expertise in developing affordable housing projects. We successfully completed and delivered 2600 affordable homes at our Anant Raj Aashray in Neemrana, Rajasthan. We have also got permissions to commence work at Aashray II in Tirupati, Andhra Pradesh.
We have already developed about 5.5 million sq.ft. of commercial space in prime locations of Delhi and NCR, of which around 30% is leased. With one of the best stocks of Grade A commercial properties in Delhi and NCR, we are confident to significant increase our leases.
In the hospitality business, we are planning for up gradation and additional construction at our existing Stellar Resorts and Bel La Monde properties. Both these properties have significant FAR that we are planning to utilise for commercial and service apartments.
In August 2020, the honourable NCLT Chandigarh bench sanctioned the demerger between Anant Raj Ltd. and Anant Raj Global Ltd.
While traditional sub-segments like residential and commercial are expected to take time to recover, there are new opportunities for growth that are emerging. One such future-growth area that we are focusing on is data centres. With the sovereignty of data generated in India be stored in Indian data centre is becoming a critical issue, we are converting existing IT assets into Tier III and Tier IV Data centres. This will only require minor modifications.
Another emerging area we are focusing on is the warehousing rental business. Led by exponential growth in e-commerce and integrated warehousing and logistics businesses, warehousing rental business is expected to have a strong growth potential. At Anant Raj Limited, we are ideally position to capitalise on this opportunity with our fully paid freehold land in Delhi and Haryana. We have plans to develop warehousing assets in the next 2 to 3 years.
Moving ahead, we are excited about the future. Our strong foundation of land bank, assets and proven execution excellence combined with the strong potential of significant growth from JV deals, data centres and warehousing rentals points to s stronger future ahead.
I express my sincerest gratitude to all the stakeholders who have been with us in these testing times. We look forward to your continued support and expect the coming years to be more rewarding.