Koncept Ambience has mopped up Rs 250 crore for its premium apartment project at Gachibowli in Andhra Pradesh. The Rs 300-crore project is coming up adjacent to the Botanical Gardens in the IT hub of Hyderabad.

Of this, the debt portion was Rs 200 crore while the promoters invested about Rs 50 crore apart from the land value. State Bank of India, Bank of Baroda, Union Commercial Bank and ICICI were the bankers for the project, which is being taken up in association with the Andhra Pradesh Housing Board.

Koncept had already invested Rs 60 crore in the project, including Rs 35 crore it paid to acquire 7.5 acre from the Andhra Pradesh Housing Board through an international competitive bid process, and the rest for works on site.

The project spread over 67.3 acre comprises of six towers of 24 floors with 200 sky villas, units measuring 3,800 sq ft and 7,000 sq ft. One of the towers has been cancelled and in its place a bridge-like structure is likely to be created between two blocks for a club house and related facilities.