Amila group to invest Rs 700 cr on Shimla housing project

New Delhi, July 23

Realty firm Amila group will invest about Rs 700 crore over the next eight years to develop a luxury housing project in Shimla.

Tata Housing is also developing a luxury housing project in Kasauli in a joint venture with Impact Projects. The JV is developing 102 villas on 22 acres of land with an investment of about Rs 200 crore and estimated revenue potential of Rs 450 crore.

With demand for housing rising in the hills, Amila group has acquired 54 acre land at the northern ridge of Shimla to build 250 villas and 150 studio apartments besides a 5-star hotel and high-street retail.

“We launched the project Amila Hills last month. The construction work has already started,” the company’s MD Yash Pal Agnihotri said.

On prices, he said it would range from Rs 1 crore to Rs 8 crore.

Agnihotri said the project is registered with the real estate regulatory authority (RERA) as well as the Indian Green Building Council (IGBC).

The company would deliver the first phase in the next three years but it would take at least eight years to develop the entire project because of hilly terrain, he said.

Asked about the investment, Agnihotri said the total project is estimated to be around Rs 700 crore. The funding would be through internal accruals, bank loans and advances from customers.

The company would soon tie up with domestic or global hospitality firm to manage its hotel. PTI