new delhi private equity pe firm indiareit fund advisors and ambience will jointly develop the 1763 acres of land in gurgaon they acquired from software firm aricentambience bought the land through a bidding process which involved industry bigwigs dlf and shapoorji pallonji the rs 206crore deal between ambience and aricent was announced on thursday by consultant jones lang lasalle which brokered the dealaccording to persons familiar with the deal indiareit which is promoted by industrialist ajay piramal and ambience have set up a dedicated 5050 joint venture special purpose vehicle to buy the land in sector 22 gurgaon indiareit is investing in the spv through its rs 925crore domestic fund 4 which was raised last yearthe spv which now owns the land will develop a two million sq ft group housing project at the location we are developing midsegment housing here at a project cost of rs 800 crore excluding the cost of land said raj singh gehlot managing director of ambience developers houses here will be in the rs 153 crore price range the project is also expected to have a small portion of commercial development in itthe group housing project is expected to generate revenues of rs 1500 crorein february ambience had got an approval from the securities and exchange board of india to come out with an initial public offer and list of the stock marketthe land on the old gurgaon highway which housed the erstwhile jwala textile mill was not in use for many years aricent had bought the piece of land about a decade ago to develop an it park for its own use but that never materialisedthis piece of land now falls under the residential zone in the new gurgaon masterplan and can also have a portion of commercial development on itprivate equity firms kohlberg kravis roberts co sequoia capital the family office delta partners and the canadian pension plan investment board are investors in aricent which was created in 2006 when the former hughes software systemsflextronics software division was combined with frog design