Ambience to invest Rs. 1,945 cr in housing projects

Ambience Group said that it will invest Rs. 1,945 crore over the next four years on two housing projects in Gurgaon and Noida. The company will offer 1,030 apartments. 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 Rs. 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 cost of Rs. 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 Rs. 9,000 per sq ft, and the price of the flats would range between Rs. 2 crore and Rs. 4.5 crore. At present, Ambience group has about 1,000 acres of land bank.