Ambience to invest about Rs 2,000 cr in two residential projects

In Gurgaon, over 750 flats would be constructed on a 14.5-acre project, Ambience Creacions, at a cost of Rs 1,480 cr

Real estate firm Ambience today announced an investment of about Rs 2000 crore in the next four years to develop two luxury housing projects in Gurgaon and Noida.

"We are entering the Noida market for the first time. Both the projects would cost around Rs 1950 crore, which will be funded through internal accruals and loans from the banks," Ambience group Chairman Raj Singh Gehlot told reporters here.

The two projects will have about 1,030 apartments.

Ambience Director Aman Gehlot said the Noida project--Ambience Tiverton--will have 280 flats in the 3.5 acre area at a cost of Rs 465 crore.

In Gurgaon, over 750 flats would be constructed on 14.5 acre project -- Ambience Creacions-- at a cost of Rs 1,480 crore.

The selling price has been fixed at Rs 9,000 per sq ft in both the projects and the cost of the apartments would be in the range of Rs 2 crore-4.5 crore. The construction work on both the projects has started and completion is expected in four years.

The company has projects in Delhi and Gurgaon. It is developing a 150-acre project 'Ambience Island' in Gurgaon, which will have premium homes, a hotel Leela Ambience -- with over 400 keys and a huge shopping mall. In Delhi, it already has a hotel - Kempinski Ambience-- with 480 keys and a shopping mall at Vasant Kunj.

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.

Currently, Ambience has about 1,000 acres of land bank, including 350 acre in Panipat where the company plans to develop a township.