Ambience to invest Rs 1,800 crore on three new realty projects
Feb 13, 2014
Source : The Economic Times


DELHI: Realty firm Ambience Group will invest about Rs 1,800 crore over the next four years to develop an integrated township and two housing projects.

The national-capital based firm would soon launch two housing projects in Noida and Gurgaon, comprising 1,100 housing units and a 350-acre township at Panipat.

Ambience Group is developing a 150-acre project 'Ambience Island' in Gurgaon that comprises premium homes, 'Leela Ambience' hotel with over 400 keys and a huge shopping mall.

In Delhi, it has a 'Kempinski Ambience' hotel comprising 480 keys and a shopping mall at Vasant Kunj.

"Market is showing signs of revival. We will be launching two group housing projects and one township during the next three months. We have land to develop these projects," Ambience Group Chairman Raj Singh Gehlot told PTI.

When asked about the investment, he said, "The land is fully paid for. We will be investing about Rs 1,800 crore on on construction of these three projects."

Ambience would invest Rs 800 crore on construction of 850 housing units on a 16-acre land in Gurgaon, while another Rs 300 crore would be pumped in 4-acre project in Noida having 270 dwelling units. On township, the construction cost would be about Rs 700 crore.

That apart, Gehlot said the company has recently offered 60 completed villas for sale in its ongoing project 'Caitriona', which is part of Ambience Island in Gurgaon.

"We are offering these villas in the price range of Rs 15-22 crore," he said.

Gehlot said the company is offering 20 per cent discount on down payment. In another scheme, buyers can pay 30 per cent upfront and rest 70 per cent in 60 interest free installments.

Ambience Group had planned Rs 1,300 crore initial public offer ( IPO) in 2010-11 but had to shelve the plan because of bad market conditions.

Asked about the public offer, Gehlot said there is no such plan at this moment.

At present, Ambience Group has about 1,000 acres of land bank.









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