Ambience To Invest Rs 1,945 cr In Housing Projects – Business Line – 12-Nov-2014
November 12, 2014 - Uncategorized
Delhi-based real estate company Ambience Group on Tuesday said that it is set to invest around ₹1,945 crore over the next four years on two housing projects in Gurgaon and Noida. The company would offer 1,030 apartments through these two projects.
Ambience Group Chairman Raj Singh Gehlot, said, “We are entering the Noida market for the first time.” In Noida, the company will build 280 flats in the 3.5 acre project ‘Ambience Tiverton’ at a cost of ₹465 crore. In Gurgaon, Ambience Director Aman Gehlot said that the real estate firm will construct 750 apartments on 14.5 acre project ‘Ambience Creacions’ at a project cost of ₹1,480 crore.
The investment on both projects will be financed through internal generations and project loans from banks and HDFC Ltd.
For both projects, the company has fixed the selling at ₹9,000 per sq ft, and the price of the flats would range between ₹2 crore and ₹4.5 crore.
The construction work on both the projects has started and the completion is expected in four years, Gehlot said.
At present, Ambience group has about 1,000 acres of land bank.