India Real Estate Monitor

Ambuja Realty will move ahead with the strategy to broaden its horizons into real estate, hospitality, life care and education at the period of economic slowdown.
Mr. Harshavardhan Neotia, chairman of Ambuja Realty, said that the company had not deferred any projects. He said, “We are expanding in all business areas”. Since its inception couple of year ago after the Neotia family sold its stake in Gujarat Ambuja to Holcim, the company has invested twelve hundred crore rupees in projects, with real estate being the main aim.
In the early 90’s, the Neotias had made their foray into housing through Bengal Ambuja Housing Development Ltd in a joint venture with the Bengal Housing Board.
Currently, Ambuja is working on the projects in Chhattisgarh, Punjab and Maharashtra.
In Bengal, it is engaged with its projects in Siliguri, Calcutta and Shantiniketan. The company is engaged in various retail projects in Bengal and Chhattisgarh under the City Center brand. It is building two IT parks — Ecospace in Rajarhat and one more in Nagpur.
Ambuja Realty is also expanding in the hospitality segment. The company wants to build hotels and manage them, too. “You have to start somewhere. We have gained some experience running the fort after the Radisson agreement ended,” Neotia said.