Anant Raj Ltd is a real estate developer that turned its five-decade land bank in Delhi-NCR into a data centre company - building the cloud infrastructure on the same ground where it once built homes. It began in 1969 as a government contractor, constructing nearly 30,000 houses including the Asiad Village, then spent the next thirty years becoming one of Gurugram’s largest township developers before a structural reset in 2020 demerged its project division and freed the retained business to enter data centres and sovereign cloud services. The recurring approach is visible across every era: acquire large, contiguous land parcels in prime locations at low cost, secure permissions, build, and then hold the income-generating assets rather than sell them - a formula the founder distilled into three words: “location, permission, and execution”. # Business segments Three engines at different stages - a residential project machine, a commercial annuity portfolio that has never sold a building, and a data-centre-and-cloud platform scaling from 28 MW to 357 MW - each funded by the cash flows of the one before. ## 1. Residential development: the project engine that funds everything else **A large, fully paid land bank on Golf Course Extension Road lets the company launch luxury floors, apartments and villas at a structural cost advantage, with absorption rates near 95-99% in its flagship township.** - **Land bought decades ago, at historic lows** - the company holds roughly 320 acres of debt-free land in Delhi-NCR, acquired long before prices escalated, so project costs carry no land-acquisition burden and require only working capital to execute. - **One township, many price points** - Anant Raj Estate in Sector 63A, Gurugram, is a 220-acre contiguous parcel with a development potential of 11.51 million square feet, split across luxury independent floors (Phase 1 delivered and occupied), plotted developments (fully sold), and high-rise group housing. - **Sold before the concrete sets** - the Estate Residences tower, with 248 apartments of 4 BHK across 0.99 million square feet, achieved an average selling price of INR 18,000 per square foot, and two more group-housing phases with a combined estimated revenue of over INR 5,000 crore are in the pipeline. - **A partner for scale, not survival** - a 50:50 joint venture with Birla Estates (branded Birla Navya) is developing 764 luxury independent floors across 47 acres in four phases, with an estimated total cash flow to Anant Raj of INR 1,000 crore, while the company also builds affordable housing in Neemrana (2,663 units delivered) and Tirupati (1,848 units underway) on government-allotted land. ## 2. Commercial and hospitality leasing: the annuity that never gets sold **Since 1978, every office building, IT park and hotel the company has built has been retained and leased out - creating a growing, recurring-income base that cushions the lumpy residential cycle.** - **Fully leased, long-term tenants** - the commercial portfolio spans 1.92 million square feet of leasable area, all of it under long-term agreements with tenants that include HSBC, SC Johnson and William Sonoma in a LEED-certified Grade A building in Sector 44, Gurugram. - **IT parks that double as data-centre land** - Anant Raj Tech Park in Panchkula holds 0.44 million square feet of leasable space on 9.24 acres, and the adjacent vacant land is now earmarked for a 50 MW data centre, so the annuity asset literally provides the ground for the next engine. - **Hotels on Delhi’s arterial roads, with room to grow** - two hospitality properties near the airport (Hotel Bel-La Monde in Chattarpur and Hotel Bellanta Resorts on the Delhi-Gurgaon Highway) sit on 5-7.5 acre parcels and are operated by third-party groups under long leases; FSI increases have unlocked an additional 11 lakh square feet of developable area, expected to add INR 130 crore in annual rental once built. - **A new Delhi development** - the company has started its first project in the capital itself: a 7 lakh square foot mixed-use development combining commercial space, service apartments and a hotel, with the first phase targeted for FY28. ## 3. Data centres and cloud: the land bank repurposed for the digital economy **The company is converting its pre-existing IT-park buildings and greenfield land into Tier III data-centre campuses, then layering a sovereign cloud platform on top - using owned real estate to undercut competitors on both cost and speed.** - **From empty building to live capacity faster than rivals** - because the Manesar and Rai campuses already had ready structures, the company could begin fitting out data halls without waiting for construction, giving it a time-to-market edge. - **357 MW by 2032, with 28 MW already live** - the three Haryana campuses (Manesar, Rai, Panchkula) plus a planned 50 MW campus in Andhra Pradesh target a combined IT load of 357 MW; as of Q4 FY26, 28 MW is operational, and 117 MW is targeted by FY28, split roughly three-quarters colocation and one-quarter cloud. - **Ashok Cloud: a sovereign cloud for government and enterprise** - launched in October 2024 and built with Orange Business, the platform offers Infrastructure-as-a-Service (compute, storage, backup, security, migration) and is empanelled with MeitY as a Sovereign Cloud Service Provider, which opens doors to public-sector workloads that foreign hyperscalers cannot touch. - **Liquid cooling for AI workloads** - a partnership with Spain-based Submer equips the data centres for AI-ready, liquid-cooled operations, positioning the company for the coming wave of sovereign and enterprise AI compute demand. - **PSU alliances as a distribution channel** - strategic tie-ups with TCIL, CSC e-Governance, BSNL and RailTel give the cloud business a ready pipeline of government and semi-government customers, while BSNL empanelment adds data-centre service mandates. # Group structure and partners **The listed parent holds the land and the residential-commercial business; a wholly owned subsidiary runs data centres and cloud, with a Singapore entity recently added for international reach - and the residential joint venture with Birla Estates brings in a deep-pocketed partner without diluting the parent’s balance sheet.** - The 50:50 LLP with Birla Estates - Avarna Projects LLP - develops the Birla Navya residential project within Anant Raj Estate, with Anant Raj contributing the land and sharing equally in the estimated INR 1,000 crore cash flow. - The company has consolidated its township land by acquiring 100% of Sheetij Properties Private Limited (which holds an interest in 11.35 acres in Sector 63A) and increasing its stake in Romano Projects Private Limited to 100%, both land-owning entities within the Anant Raj Estate footprint. - Technology and equipment partners include Orange Business (cloud platform), Submer (liquid cooling), and a global vendor stack - Schneider Electric, CommScope, Cisco, Mitsubishi Electric, Climaveneta, Unitile, Johnson Controls and Tricolite - that supplies the data-centre fit-out. - The 2020 Composite Scheme of Arrangement demerged the legacy project division into Anant Raj Global Limited, leaving Anant Raj Limited as a focused entity with real estate development, annuity assets and the new data-centre business.