 "Amila Group to invest Rs 7 bn over 8 years on Shimla housing project")
Realty firm Amila group will invest about Rs 7 billion over the next eight years to develop a luxury housing project in Shimla.
Tata Housing is also developing a luxury housing project in Kasauli, Himachal Pradesh in a joint venture with Impact Projects. The JV is developing 102 villas on 22 acre of land with an investment of about Rs 2 billion and estimated revenue potential of Rs 4.5 billion.
With demand for housing rising in the hills, Amila group has acquired 54 acre land at the northern ridge of Shimla to build 250 villas and 150 studio apartments beside a 5-star hotel and high-street retail.
"We launched the project Amila Hills last month. The construction work has already started," the company's MD Yash Pal Agnihotri said.
On prices, he said it would range from Rs 10 million to Rs 80 million.
Agnihotri informed that the project is registered with the real estate regulatory authority (RERA) as well as the Indian Green Building Council (IGBC).
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The company would deliver the first phase in the next 3 years but it would take at least 8 years to develop the entire project because of hilly terrain, he said.
Asked about the investment, Agnihotri said the total project is estimated to be around Rs 7 billion. The funding would be through internal accruals, bank loans and advances from customers.
The company would soon tie up with domestic or global hospitality firm to manage its hotel.