23 November 2015 08:14:38 IST

Realty firm Ambience Group eyes ₹250 cr revenue from office space

Delhi-based real estate company Ambience Group is looking to earn annual revenue of ₹250-300 crore from leasing out over two million square feet commercial space in the National Capital Region.

In Gurgaon alone, the company recently made operational one million sq ft of office space in ‘Ambience Tower’ and leased out 2.5 lakh sq ft in this tower to Panasonic India, apart from some space to Sabic India. “We are in the process of signing one more lease deed for 90,000 sq ft to a UK-based listed company,” Aman Singh Gehlot, Director, Ambience Group, told BusinessLine .

Apart from Gurgaon, the company has commercial space in Delhi — 3.5 lakh sq ft building in Rohini which has been leased out, 1.35 lakh sq ft in Kishangarh in Vasant Kunj, 3.5 lakh sq ft in Shalimar Bagh and 2 lakh sq ft of office area as part of the Kempinski Ambience Hotel in East Delhi.

“If I take a very conservative estimate, the company can earn an average ₹100-125 per sq ft for a total 2 million sq ft,” Gehlot said. This comes to ₹250-300 crore in annual revenue.

The group is also constructing two residential projects — Ambience Creacions in Gurgaon (750 homes) and Ambience Tiverton in Noida (280 homes), apart from a school in Gurgaon.

It also has two hotels — Leela Ambience, Gurgaon, and Kempinkski Ambience, Delhi. On whether it is looking at constructing more hotels, Gehlot said, “We have land in Udaipur for a golf course, apart from some land in Visakhapatnam. As of now, we are not looking at any hotel in the next one year or so. We have the provision of making another hotel in 130-acre Ambience Island itself but we haven’t decided whether it’s the right time to develop it or not.”