In a recent development, realty player Amila group has launched ₹700 crore luxury housing projects in Shimla, the state capital of Himachal Pradesh. In view of the rising housing demand in the hill state, Amila group has acquired 54 acre of land at the northern ridge of Shimla where it will build 250 villas and 150 studio apartments besides a 5-star hotel and high-street retail, said, MD Yash Pal Agnihotri, adding that the company has launched the project where the construction work has already started and the units would command a price tag between ₹1 crore to ₹8 crore. 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 units of the first phase of the project in the next 3 years but it would take at least 8 years to build the entire project. It may be mentioned that Tata Housing is also developing a luxury housing project in Kasauli, Himachal Pradesh in a joint venture with Impact Projects. The JV is developing 102 villas on 22 acre of land with an investment of about ₹200 crore commanding a revenue potential worth ₹450 crore.
