Reality firm Ambience expects to earn Rs 150 crore as annual rental income by leasing out a recently constructed corporate office tower in Gurgaon.
The Delhi-based developer has constructed the tower with one million sq ft of leasable area and has already leased 2.5 lakh sq ft of office space to Panasonic India.
The company is in talks with 3-4 other corporates to lease the remaining area in the building which is constructed at an investment of about Rs 150 crore and is part of its township ‘Ambience Island’.
"We have leased 2.5 lakh sq ft of office space to Panasonic India in our new corporate office tower in Gurgaon," Ambience Director Aman Singh Gehlot told PTI.
Asked about expected rentals from this building, he said it would be around Rs 150 crore annually.
"We hope to complete the entire leasing of this building by the end of this year," Gehlot said.
On office market, he said leasing enquiries have picked up, but the decision-making process from the corporate side is still slow.
Ambience Group had planned a Rs 1,300-crore initial public offer (IPO) in 2010-11, but had to shelve it because of adverse market conditions.
Asked whether the company would revive the IPO, Gehlot said "there is no such plan at this moment".
The Ambience Group has presence in Delhi and Gurgaon and is developing a 150-acre project ‘Ambience Island’ in Gurgaon that comprises premium homes, ‘Leela Ambience’ hotel with over 400 keys and a shopping mall spread across 1.8 million sq ft.
In Delhi, it has a ‘Kempinski Ambience’ hotel comprising 480 keys and a one million sq ft shopping mall at Vasant Kunj.
Recently, Ambience entered Noida market where it would build 280 flats in the 3.5-acre project at an investment of Rs 465 core.