 "Ambience Group expects to earn Rs 300 as rental revenues from office space")
Ambience Group, a Delhi-based real estate entity, has started to lease out about two million sq ft of a newly built retail portfolio, excluding malls, and expects this to earn Rs 300 crore of annual revenue from next year.
About a million sq ft of office space will be leased out in Gurgaon at ‘Ambience Tower’. It has leased out 250,000 sq ft in this tower to Panasonic India, where Panasonic will consolidate its operations, and about 26,000 sq ft to Saudi Arabia's Sabic India.
“We expect to earn Rs 150 crore rental income from Ambience Tower alone," group director Aman Singh Gehlot told Business Standard.
The rest of the leasing space is being readied in Delhi -- 135,000 sq ft in Vasant Kunj, 350,000 sq ft in Rohini, 300,000 sq ft in Shalimar Bagh and 200,000 sq ft at the Kempinski Ambience Hotel.
The company is banking highly on its office portfolio to boost revenue. Till now, it had one big commercial project, of a million sq ft, the Ambience Mall at South Delhi's Vasant Kunj.
It is also present in Delhi's hospitality sector with the Kempinski Ambience, with 480 rooms.
It is now developing a 150-acre 'Ambience Island' at Gurgaon, of premium-priced homes, a 'Leela Ambience' hotel with over 400 rooms and a shopping mall of 1.8 million sq ft.
Some months earlier, it launched two housing projects. In Noida, a 3.5-acre 'Ambience Tiverton' would have 280 units, with an investment of Rs 465 crore.
In Gurgaon, a 14.5-acre Ambience Creacions will have 750 units, with an investment of Rs 1,480 crore. Both are under construction.
The group has about 1,000 acres of land, including 350 acres in Panipat where it plans to develop a township.
