Ambience Realty pumps in a staggering INR 1, 950 crore for luxury projects
As a welcome development for the realty sector, the Delhi based realty company Ambience has pledged investments to the tune of INR 1, 950 crore throughout a period of four years for its new luxury housing endeavours. These luxury projects will be based in Noida and Gurgaon respectively and are representative of the new found demand for premium housing in India’s realty sector.
Ambience is a noted company in real estate markets in both Gurgaon and Delhi and is looking at building a total of 1, 030 apartments spread throughout these two key projects. Ambience is already engaged in another pioneering initiative, namely its flagship Ambience Island in Gurgaon. This project brings luxury housing, a gargantuan shopping mall and the Leela Ambience hotel together for customers. The hotel possesses 400 rooms and is billed to be a value offering for business visitors to Gurgaon.
Ambience is also known for its Delhi based Kempinski Ambience hotel which comes with a whopping 480 rooms. The company also has to its credit, a noted shopping mall located at Vasant Kunj. According to Raj Singh Gehlot, chairman of the group, these two projects represent the entry of the group into the Noida market for the very first time. The Ambience is looking at financing the project through internal accruals, HDFC Ltd and loans from leading banks.
According to group chairman, Ambience had successfully raise INR 170 crore as total equity for its Gurgaon venture in 2010-11. Private equity firm Indiareit was offered a stake in the venture courtesy its equity investment. The group is presently shying away from reviving its stalled initial public offer to the tune of INR 1, 300 crore which was planned in 2010-11.
Ambience is looking at building 280 flats spread across 3.5 acres for the Ambience Tiverton project in Noida at a total bill of INR 465 crore, as informed by Director Aman Gehlot. 750 flats are in the pipeline for the Ambience Creacions project in Gurgaon which is spread over 14.5 acres and will cost the company INR 1, 480 crores. Selling prices for both projects stand at a fixed rate of INR 9, 000 per square foot and customers will have to shell out anything between INR 2 crore to INR 4.5 crore approximately for a single flat.
With 1, 000 acres of land tucked away in its kitty, Ambience has ambitious plans up its sleeve including a township in Panipat where it aims at building a township spread over 350 acres of land.
Source:
Indian Realty News
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