Ambuja Realty to invest Rs 1,000 cr this fiscal

Kolkata-based Ambuja Realty today said it plans to invest around Rs 1,000 crore in the current fiscal for developing malls, residential townships and IT parks in Kolkata.

"Our capex for this fiscal is around Rs 1,000 crore, which will be spent in developing malls and IT parks in Kolkata. The funding is from the group's internal accruals. We have also raised some debt," Ambuja Realty Development Chairman Harshavardhan Neotia told reporters here.

He said the group's turnover for last fiscal was around Rs 250 crore.

The real estate company, at present, is developing four malls in Siliguri, Haldia and Raipur apart from an IT Park in Kolkata spread over 1 million sq ft, Neotia said.

"About one-third of the IT Park is ready. We are also developing a 150 room five-star hotel in Kolkata near the airport," Neotia said.

The company is in talks with some international hotel chains and hopes to finalise a deal by July, he added.

"We plan to open the hotel in the January-March quarter next year," he said.

Although rents and lease rates have shrunk by 10-15 per cent in Kolkata, there is not much reduction in the cost of raw materials, he said.