Ambience Group may list commercial assets as real estate investment trust

NEW DELHI: The Ambience Group, a New Delhi-based real estate firm, is looking to list its commercial assets as a real estate investment trust (REIT), after the finance minister provided clarity on taxation of REITs in his Budget.

It owns two fully-leased malls in Delhi, totaling about 2.8 million sq ft of space, as well as two hotels, the Leela Ambience in Gurgaon and Kempinski Ambience in East Delhi. “We are looking at the possibility of REIT listing,” said Aman Gehlot, director of the Ambience Group.

The plan is still at a preliminary stage and the firm will have to understand the Budget’s fine print before moving ahead, he said. Apart from the malls and hotels, the company has about 1.7 million sq ft of commercial space under construction in the Delhi and NCR.