Ambience buys 17.63 acre land for Rs 206 cr from Aricent

Ambience Developers today said it has bought 17.63 acres of land in Gurgaon from IT firm Aricent Group for Rs 206 crore, outbidding real estate companies such as Alpha G Corp and DLF.

"We have bought 17.63 acres of land from Aricent in March through bidding process. The registry was done yesterday," Ambience Chairman Raj Singh Gehlot told PTI.

There were four bidders for this land deal, including DLF, Alpha G Corp and Shapoorji and Pallonji, he said, adding, "Alpha G Corp emerged as the second highest bidder."

Gehlot said the company will develop a housing project on the land, but did not give further details.

"We have roped in private equity firm Indiareit for this project. In the Special Purpose Vehicle (SPV), our company and Indiareit will have equal stake," he said.

Real estate consultant Jones Lang LaSalle India, which brokered the deal, said it was the single largest land deal involving two corporates in Gurgaon till date.

"Three of the largest national level real estate players were the next highest bidders for this strategically located land parcel. It was a complex transaction that involved a lineup up top bidders and was successfully concluded at the end of a fair and transparent two-bid process," JLL India Managing Director (Delhi NCR) Nitish Bhasin said.