Ambience to come up with three new realty projects worth Rs 1,800 Crore
Famed Realty firm, Ambience Group will invest about Rs 1,800 crore to develop an integrated township and two housing projects over the next four years. The Delhi based group plans to launch two housing projects in Noida and Gurgaon, comprising a total of 1,100 housing units and a 350-acre township at Panipat.
The 150-acre project in Gurgaon, named as ‘Ambience Island’ comprises of premium homes, a hotel ‘Leela Ambience’ with over 400 keys and a gigantic shopping mall. The group already has a property named ‘Kempinski Ambience’ in the Vasant Kunj area of Delhi. It comprises of a hotel with 480 keys and a shopping mall.
Raj Singh Gehlot, Chairman of the Ambience Group told, “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.”Speaking on investment, he said, “The land is fully paid for. We will be investing about Rs 1,800 crore on construction of these three projects.”
The group plans to invest Rs 800 crore on construction of 850 housing units on a 16-acre land in Gurgaon, while another Rs 300 crore would be used in the 4-acre project in Noida which will have270 dwelling units. On township in Panipat, the cost would be about Rs 700 crore. Gehlot also said that in addition to the projects unveiled, the group has recently offered 60 completed villas for sale in Gurgaon. The units are the part of its ongoing project ‘Caitriona’, which is located in Ambience Island in Gurgaon. He added, “We are offering these villas in the price range of Rs 15-22 crore.”
The company is also running attractive schemes, said Gehlot. In one of the schemes, a 20 per cent discount on down payment is being given. While in another scheme, buyers can opt to pay 30 per cent upfront and rest 70 per cent in 60 interest free installments.
The ambience, at present, has about 1,000 acres of land bank in total.
Source: The Economic Times
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