Ludhiana-based realtor Impact Projects Pvt Ltd Monday signed a joint venture (JV) agreement with equity fund company South Asian Real Estate (SARE) to set up two luxury townships in Amritsar. The Isle of Man-based SARE has made investments in many housing projects in India through joint ventures with Indian property developers. The two projects will be set up at an investment of Rs.18 billion ($428.5 million) Impact announced here. Impact Projects is promoted by Harpal Singh, the non-executive chairman of Ranbaxy Laboratories Ltd.