Ambuja Realty's Expansion Strategy Amidst Economic Slowdown
Ambuja Realty is forging ahead with its strategic expansion plans, venturing into diverse sectors like real estate, hospitality, life care, and education, even as the economy experiences a downturn.
Chairman's Statement and Investments
Mr. Harshavardhan Neotia, chairman of Ambuja Realty, confirmed the company's commitment to growth, stating, “We are expanding in all business areas”. He emphasized that no projects have been postponed. Since the Neotia family relinquished its stake in Gujarat Ambuja to Holcim a couple of years ago, Ambuja Realty has injected ₹1200 crore into various projects, primarily focused on real estate development.
Historical Background and Current Projects
The Neotias initially entered the housing sector in the early 1990s through a joint venture with the Bengal Housing Board, establishing Bengal Ambuja Housing Development Ltd. Currently, Ambuja Realty's project portfolio spans across Chhattisgarh, Punjab, and Maharashtra. Within West Bengal, the company is actively engaged in projects in Siliguri, Kolkata, and Shantiniketan. Furthermore, they are undertaking several retail projects in Bengal and Chhattisgarh under the City Center brand. In the IT sector, Ambuja is developing two IT parks: Ecospace in Rajarhat and another in Nagpur.
Expansion in the Hospitality Sector
Ambuja Realty is also actively expanding its footprint in the hospitality segment. The company's ambitions extend to both constructing and managing hotels. "You have to start somewhere. We have gained some experience running the fort after the Radisson agreement ended," Neotia commented, highlighting the company's growing expertise in hotel management following the termination of its agreement with Radisson.