Ambuja-AIPL lines up Rs 1,200cr for township projects

Ambuja-AIPL, a joint venture between Kolkata-based Ambuja Realty and New Delhi-headquartered Advance India Projects Limited (AIPL), has earmarked about Rs 1,200 crore for developing township projects in north India under its ‘DreamCity’ brand.

While Ambuja and AIPL hold 45 per cent stake in the joint venture, the rest is being held by IL&FS.

Speaking to Business Standard on the sidelines of a press conference to announce the company’s plans to launch township projects in different cities of Punjab, Gurpreet Singh, chief executive of Ambuja-AIPL, said the company had already identified various locations and would focus on Amritsar, Khanna and Mohali to begin with.

The company was looking at launching two township projects in Punjab in the next 45 days, he said.

“We plan to have a ‘construction-linked payment plan’ for the buyers, considering the fact that buyers in the market are apprehensive over the real estate developers’ plans, especially with most of the developers’ projects going haywire,” Singh said, adding the company was also developing a ‘Celebration Mall’ in Amritsar.