jaipur

Real Estate Biggies Attracted Towards Small Cities for Future Growth

by Paul Joseph June 23, 2011

Growing demand for homes in smaller cities of the country is attracting big national real estate players. Cities like Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow , Nagpur, Surat , Vadodara and Visakhapatnam are expected to add 354 million sq ft of residential development in the next three years. According to a research report by Crisil Research , large builders like DLF , Unitech , Parsvnath , Omaxe , Ansals and Emaar MGF have already diversified into these cities, with an eye on future growth. These cities today show huge potential for growth, with 2011-12 itself expected to generate sales of Rs 18,000 crore. These cities are attracting the big developers because of their considerable price stability and growth prospects. While prices of homes in large metros have seen a huge jump of 25-30% over the last two years, these tier-II cities have seen a moderate price increase of 10-12%. “These markets will offer stable and less volatile options for real estate developers to diversify,” says Prasad Koparkar, head-industry and customised research at Crisil Research. The research, which covered over 500 developers across these cities, pointed out that even if there is a considerable price correction in the larger cities over the next few months, smaller cities will remain stable or at worst see a moderate decline in prices. In fact, the report by Crisil foresees prices rising in seven of the 10 smaller cities it has identified. In contrast, prices are likely to increase only in four of 10 large cities, it says. With economic activity picking up in these cities, there is a growing migration from smaller areas, which has created a shift towards an apartment culture. “This shift will aid volumes for larger developers in the future,” says Koparkar. Looking at this new demand, banks and financial institutions too are looking towards these cities to bridge the financial penetration gap. At the moment, the proportion of buyers taking home loans is relatively lesser in these smaller cities. A gradual increase in penetration of home loans would also boost demand. The growth prospects in the smaller cities are attracting large developers with multi-city presence. “We had foreseen this demand in tier-II cities and are confident about their growth. The economic growth today is not just limited to the metros. Purchasing power, consumption and lifestyle changes have taken place in small cities as well. This cements our strategy of doing developments in tier-II cities,” says Dinesh C Gupta, assistant vice-president (investor relations) at Ansal API. Ansal API has launched projects in Lucknow, Agra, Jaipur, Mohali and other small cities like Sonipat and Panipat. “A majority of our projects today are outside of the metro cities,” he adds. Local developers from these cities too are scaling up, looking at the big demand and new competition. Almost 80-90% of the new supply that is expected to hit these markets will come from these local developers, who understand the market better. Among the top 10 tier II cities, Surat, Bhopal and Jaipur are expected to get 38% of the new homes.

Tagged as: chandigarh, chennai, cities-as-well, country, crisil-research, foresees-prices, gurgaon, jaipur, prasad-koparkar, real estate, smaller-cities

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Developing bazaar of Jaipur property

by Paul Joseph April 4, 2011 Uncategorized

The pink city Jaipur is one of the most fashionable tourist destinations in real estate in India . The capital of Rajasthan, Jaipur real estate is well-known for its gems and jewelry business and is in the midst of the greatest increasing business centers of North India. It is solitary of the designed Indian cities positioned in nearness to Delhi, well attached by Delhi-Jaipur highway. It presents good connectivity to all the chief cities of the nation from side to side all modes of transport that is railways, road and airline. Jaipur real estate property is observing an increase in its property market in existing times for a range of reasons. They could be recorded as- 1- First of all, it is a designed city’ that underlines the reality that its foundation has been laid after suspicious planning and hard-working research. 2- Secondly, Jaipur property have its close link to the national capital, Delhi has effected in it fetching a preference for real estate developers. 3- Thirdly, Jaipur, the visitor destination signifies culture and heritage which impress increasingly Indians to invest in real estate available in the Jaipur city. 4- The little property prices in the successful Jaipur real estate market are one more important factor capturing mind of investors. 5- As well, the worldwide standards of living and housing amenities presented by property developers in Jaipur is ever more drawing investments from NRIs. 6- As well as this, the IT wave and the explosion in BPO zone in Jaipur property are measured as the breakthrough for Jaipur real estate by the bazaar specialists as it has improved the demand for current commercial spaces.

Tagged as: designed, greatest, india, india real estate market, indian, jaipur, jaipur property, little-property, national, north, real estate, successful, visitor, worldwide

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How to put a price tag on a property

by Paul Joseph November 9, 2010 Uncategorized

Arvind Kumar, a Jal Nigam official, wants to sell his independent house in Lucknow spread over 2,500 sq. ft. But with different buyers offering varying rates and brokers telling another story, he is not sure how much would the house actually fetch for him. K.C. Yadav, a resident of Janakpuri, New Delhi, who is looking for a buyer for his Jaipur property, is also unable to assess the market value of his property. He says: “After the dip in the Jaipur market in early 2009, nobody has offered the right value for the property .” These are not isolated cases. Putting a price tag on a property is the biggest challenge for buyers as well as sellers. When selling, it is difficult to calculate the price appreciation over the years, especially if you have kept it for a long time. And then there’s always the risk of underestimating its real worth. Overvaluing of the same property may not fetch you buyers and you may have to strike a compromise that doesn’t really suit you. When buying, you may get a raw deal due to lack of information. To avoid all this and reach at an average price, you may need to do a little research. Here’s how to go about it. When it comes to day-to-day transaction value of properties, brokers are the best sources. To make sure you get a true picture, visit as many brokers as you can in your area. Brokers would give you an idea about recent transactions of similar properties in the area and this comparison will help you set a benchmark. Property supplements in national dailies also give information on capital values. Registrar’s office: A vital source of information is the office of the registrar under the local development authority. The registrar office maintains a record of all the properties and their last sale value at the time of registration. You can walk into the office and ask for the value that was mentioned at the time of registration. The process may take some time, but it’s worth the effort. If you do not want to take the trouble, you can take the help of a lawyer or a real estate agents who regularly deals in such matters. How much time the process will take will also depend on how old the property is and how many transactions it has gone through. Says Pradeep Mishra, a New Delhi-based independent real estate analyst: “The records of the sale maintained by the registrar’s office will give you a certain value of a certain year. You can also check on the previously recorded sales figures in the files. This would give you a rough idea of the price movement in the region.” Circle rates: These help you ascertain the premium on the land on which the property is built. Fixed by all state governments, a circle rate is the minimum rate at which a property can be bought or sold. Within a state, there are different circle rates for different cities and within a city, circle rates vary according to the locality. For example, the lowest circle rate in Delhi is Rs.9,000 per sq. m and the highest is Rs.1.25 lakh per sq. m. Says Mishra: “This helps in estimating land value and its premium in the area. An area with a high circle rate will give you a higher price compared with the one with lower circle rates.” Professional property valuers determine the market value of properties in an area by taking recent sales figures of at least two or three properties that are comparable in building style, size, area and type and year of construction. For example, comparing a new three-bedroom apartment in Noida’s Sector 62 with an old three-bedroom independent floor at upmarket Saket in New Delhi may not be fair. Says Harmit Chawla, vice-president (sales and marketing), Paras Buildtech India Pvt. Ltd: “There could be numerous factors that may impact the value of the property. However, the location has a direct relation with the price. So this approach will be true only when the properties are located in the same colony or zone.” This basic comparison will help you arrive at an average market value. But make sure you take into account factors such as the age of the property and its condition. The amenities and infrastructure around a property has a major impact on the value of a property. Says Sanjiv Aggarwal, consulting valuer of CSV Technologies Pvt. Ltd, a New Delhi-based valuation firm: “In general, for old properties, we factor in appreciation at a rate of 5% per annum. So, we increase the last sale value at this rate and derive a current value.” Remember to subtract additional charges such as stamp duty or parking charges in an apartment complex to reach the market value. After you have finished with your research, you may end up with different values from different sources. Says Rajul Srivastava, director, Top Mortgage Brokers Pvt. Ltd, a New Delhi-based firm specializing in property evaluation: “There is a fair deal (negotiated) price and a there is a market price. If you reach an average at the end of your calculation, you can decide between the two. Usually, it is the fair deal price at which the property is sold.” You should always settle for a price higher than the average price you reach. Do not forget to add the brokerage to your cos

Tagged as: delhi-based, jaipur, market, price, properties, property, time

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Royal Orchid Hotels to raise up to Rs 150 crore to fund new projects

by Paul Joseph August 25, 2010 Uncategorized

Bangalore-based Royal Orchid Hotels will raise up to Rs 150 crore to fund its new projects. The funds will be raised through a mix of debt and equity. They will be used to double Royal Orchid Hotels’ total room capacity to 2,000 by the end of the next fiscal, according to a company official. The company’s board has approved a proposal to raise up to Rs 150 crore of funds through the issue of non-convertible debentures and/or preferential convertible share warrants, or other financial instruments, including QIP. Royal Orchids has a number of new projects at various stages of construction and the money raised would be used to fund them. “We have projects underway in Jaipur, Hyderabad, Hospet and Shimoga (Karnataka), Mumbai and Mussoorie. Subject to shareholders’ approval, the money will be used to fund the construction of new properties,” the official said. At present, the company has a total of 1,000 rooms in 13 hotels operational in seven cities across India. “In the next 18 months, the target is to add an additional 1,000 rooms,” he added. The fund-raising initiative is subject to the approval of shareholders at the Annual General Meeting scheduled to be held on September 24, the company said in a filing to the Bombay Stock Exchange. Source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9895&cat_id=1 Filed under: Builders/ Developers , Hyderabad , New projects Tagged: Hospet , Hyderabad , Jaipur , Mumbai , Mussoorie , Royal Orchids , Shimoga

Tagged as: bombay, bombay-stock, builders/ developers, financial, hotels, hyderabad, jaipur, mumbai, new-projects

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Right time to bargain for a better price: The housing market has options across all categories?affordable, mid-income and luxury

by Paul Joseph August 21, 2010 Uncategorized

The spurt of launches in the real estate market is not news anymore. With new names getting added to the list every month, there’s already a supply glut. And, the pertinent question now is whether it makes sense to buy a house at this point. A report released on 18 August by ICICI Securities Ltd, Real Estate Pulse II, says that under-construction supply in the residential space over eight tier I cities is 213 million sq. ft. Of this, 19.8 million sq. ft is ready to move, says the report, which surveyed the market in June and July. Data provided by property consultants Jones Lang LaSalle shows that at least 122,000 units were launched across seven metro cities between January and June. The basic law of demand and supply tells us that when supply goes up, the prices should fall. Agrees Anil Sharma, chairman and managing director, Amrapali Group, a Noida-based developer firm: “When there is healthy supply in the market, chances of getting a large discount are high.” The 2008 price shock forced developers to launch projects at realistic prices. However, when the market started recovering towards the end of 2009, developers gradually moved from affordable housing to mid-income housing, according to data available with PropEquity Analytics Pvt. Ltd, a Gurgaon-based property consultancy firm. In fact, in the last six months, the shift has become more pronounced with quite a few launches in the premium and luxury segments. This, in effect, means that the supply is equally divided across various price points. “A wider range of housing, priced at various levels, is now available in the market,” says Samir Chopra, director, REMAX India, a property consultancy firm. So, does that mean, you can get a better price for the same apartment? In all probability, yes. With adequate options at hand, you just need to make the right moves. Says Anand Narayanan, national director (residential agency), Knight Frank India Pvt. Ltd, a property consultancy firm: “It is not an easy market for homebuyers as it used to be in 2009. However, the season is good for buying. Sales are low in the monsoons. People should not sit on the fence. They should venture out and negotiate with developers.” Cash in on competition: Often, you will find developers mushrooming in a particular area. You can make the stiff competition among developers work to your advantage. This would open the bargaining window for comparable projects in the same area. Also, look out for discounts. Noida and Greater Noida put together have seen more launches than Gurgaon or Mumbai. Jaipur, Agra and Faridabad are other areas inundated with new launches. Moreover, such areas would make sense for you as more developers would possibly mean better infrastructure. Brokerage firms give better discounts: Usually, brokerage firms take the mandate to sell a certain number of apartments in a developer project. To meet their target, they sometimes offer larger discounts than the developer firm itself. When Rahul Gupta, a market analyst working with a multinational research firm, was buying a house in Noida, he approached the builder as well as a brokerage firm to compare prices. While the builder quoted a rate of ’3,100 per sq. ft for a two-bedroom apartment, the brokerage firm got him a rate of ’2,900 per sq. ft in the same project. The firm even got him the floor he wanted. Explains Harinder Singh, managing director, Realistic Realtors, a consultancy firm that takes such mandates from developers in northern India: “Developers often push flats that are situated at the back of the tower and not in demand. Moreover, to attract customers, brokerage firms sacrifice a part of the commission they receive from the developer. Since brokerage houses have a bulk of the units, they may offer discounts over and above the developer’s rate.” Adds Chopra of REMAX: “Also, the broker will suggest you options in nearby areas.” However, while transacting with a broking, verify his credentials. “It is important to deal with an organized consultant or a dealer, who has a registered office address,” says Narayanan. In fact, remember to obtain the receipt of the booking amount you to pay initially. Also, sign your property papers at the sales office of the developer. A personal visit to the developer’s office ensures that you are not dealing with the wrong person. Group bookings are cheaper: If you have decided to book a flat, convince your friends and colleagues to buy too. This will not only ensure a friendly neighbourhood later, but also fetch you a better price. Developers often offer significant discounts in cases where the bookings are done in bulk. Once you are a bunch of three or four people, ensure that all of you pay the booking amount at the same time. Paying collectively doesn’t mean sharing the property rights of each apartment or formation of a society. Says Rajeev Rai, vice-president (corporate), Assotech Ltd, a developer firm: “Discounts offered to such groups are always in proportion to the number of individuals forming the group.” However, while going for a group booking, it is important to have like-minded people. Developers insist that each member of the group opts for the same payment mode–down payment, construction-linked or flexi. Often, there is a difference of opinion on this issue. High networth individuals (HNIs) favoured: Unfair as it may sound, it’s nevertheless true. If you fall in this category, banks may actually give you a larger amount in loan than your eligibility. Says a senior officer in the home loan department of one of the biggest housing finance companies in India, who did not want to be named because he is not authorized to speak to the media: “Developers often prefer deep-pocketed buyers with good monthly income. Banks, too, prefer funding these buyers.” Adds Narayanan: “Banks have increased the amount of loans to be disbursed to HNIs.” Source: http://www.tradingmarkets.com/news/stock-alert/jll_right-time-to-bargain-for-a-better-price-the-housing-market-has-options-across-all-categories-affor-1123093.html Filed under: Builders/ Developers , Delhi , Mumbai , New projects Tagged: Agra , Faridabad , Gurgaon , Jaipur , Mumbai

Tagged as: city-trends, faridabad, gurgaon, jaipur, market, mumbai, people, property

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Royal Orchid to invest Rs 500 crore in seven new hotels

by Paul Joseph May 3, 2010

Hospitality major Royal Orchid Hotels is planning to launch seven more hotels with an investment of Rs 500 crore by next financial year. By the end of December, the company will open a five star hotel each in Hyderabad and Jaipur with a total investment of Rs 320 crore. It will also take over a hotel in Navi Mumbai under its brand on management contract by end of May. “We have plans to take our hotel count to 20 by next financial year from the existing 13. We will invest around Rs 500 crore to increase our footprint in tier-I, tier-II and tier-III cities,” said Chender Baljee, chairman and managing director, Royal Orchid Hotels. Baljee said the hospitality business in India is growing rapidly and the company would take both organic and inorganic routes for growth. At present, the company has a total of 1,100 rooms, comprising four major brands: Royal Orchid, a five-star hotel, Royal Orchid Central, a four-star hotel, Royal Orchid Galaxy, a three-star leisure property and serviced apartments under the brand name Suites in Bangalore, Pune, Ahmedabad, Jaipur, Mysore and Goa. The company plans to add 1,200 more rooms by the next financial year, said Baljee. He said the 240-room Royal Orchid hotel coming up in Hyderabad, entailing an investment of Rs 200 crore the 160 room Royal Orchid hotel in Jaipur, costing Rs 120 crore, will be ready by the end of December. He said the four-star Royal Orchid Central in Navi Mumbai with 70 rooms would be ready by the end of May this year. The company is also planning expansion through the contract management route. “We are initiating a drive to standardise the service level across all properties,” he said. The focus will be to create a brand name for all the hotels under the management contract. The hotel chain is also planning to open an overseas property in Dar Es Salaam, Tanzania in 2012. “We have bought about 300 acres of land in the country where we will set up a 150-room hotel-cumresort,” Baljee said. The company had raised Rs 112 crore through an initial public offer in 2006 to fund its expansion plans. “We have already invested over Rs 250 crore and an additional Rs 250 crore will be invested in the next 10 months,” the chairman said. Baljee, an IIM-Ahmedabad graduate from the batch of 1972, took over the family business in the 1950s. “My father had a restaurant, which he turned into a 50-room Baljee Grand Hotel in Shimla,” he said. In 1973, Baljee, now 59, borrowed Rs 5 lakh from his father and set up a four-star hotel with 80 rooms in the garden city of Bangalore. He named it Royal Orchid Harsha (now Ramada) in Bangalore. Today, the company operates 13 business and leisure hotels in seven cities. The company clocked a turnover of Rs 140 crore in the previous financial year and hopes to gross a turnover of Rs 200 crore this year. Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=8521&cat_id=1 Filed under: Builders/ Developers , Hotels/ resorts , Hyderabad , Navi Mumbai , New projects Tagged: Hyderabad , Jaipur , Mumbai , Navi Mumbai , New Hotels , Royal Orchid

Tagged as: builders/ developers, city-trends, country, family, hotel, hotels/ resorts, hyderabad, india, jaipur, management, new-projects

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Marriott International Announces 4 More Hotels in India

by Paul Joseph April 12, 2010

Marriott International announced today the signing of four additional hotels for its portfolio in India, bringing the total to 29 properties now under construction or in planning in India. When all are opened by the end of 2013, Marriott International will have 40 hotels under management in the country; today, Marriott manages 11 hotels in India represented by five brands. The four newly signed properties are: • The 510-room luxury JW Marriott Hotel New Delhi International Airport, opening in 2012 • The 250-room upscale Bengaluru Marriott Whitefield Hotel, opening in 2011 • The 365-room Jaipur Marriott Hotel, opening in 2011 • The 200-room Courtyard by Marriott Hotel Hyderabad Hitec City, opening in 2013. “We are thrilled by the robust expansion of our hotel portfolio in India,” said Ed Fuller, president & managing director of international lodging for Marriott. “India is witnessing unprecedented growth and expansion of its travel and tourism industry and we are delighted to participate in this expansion in a meaningful way.  When opened, we are confident that these four distinct hotels in New Delhi, Bengaluru, Jaipur and Hyderabad will successfully meet the needs of foreign and domestic travelers who are seeking either a luxury or upscale hotel experience.” JW Marriott Hotel New Delhi International Airport Owned by Aria Hotels and Consultancy Services Private Limited, the luxurious 510-room JW Marriott Hotel New Delhi International Airport will open in 2012 adjacent to New Delhi’s Indira Gandhi International Airport.  The site is located off of National Highway-8, the primary access road to India’s popular “Golden Triangle” of Delhi, Jaipur and Agra. When opened, it will be Marriott’s first property in the New Delhi Metropolitan area. Spacious accommodations at the JW Marriott Hotel New Delhi International Airport will be contemporary in style and beautifully appointed, offering plush bed and bath amenities, bathrooms with separate tub and shower and modern technological connectivity—all with authentic architectural and design touches reflective of the hotel’s locale. Imaginative dining and entertainment will be a hallmark of the public space that will consist of three restaurants, including a casual three-meal dining outlet and two specialty restaurants; a café deli-bakery for those who want impromptu light fare and beverages; a lively entertainment lounge, an inviting lobby bar and a pool bar. Recreational amenities will be designed to help guests maintain their well-being.  A signature Spa will be complemented by a gym for workouts; a sauna and steam room and Jacuzzi for relaxation and an outdoor swimming pool. Business travel-oriented amenities will include an expansive, welcoming Executive Club lounge and a full business center with six workstations, two private offices, a meeting room and a boardroom.  Additional amenities will include a gift shop, laundry/valet service and various retail shops. For conferences and local social events, the hotel will have flexible function space. Bengaluru Marriott Whitefield The 250-room upscale Bengaluru Marriott Whitefield is owned by Magna Wharehousing & Distribution Private Ltd. and will open in 2011 as part of a mixed-used complex also including a mall and an office building in Bengaluru’s Whitefield area, the city’s IT and software hub and home to such international IT corporations as Dell, Oracle, Intel, IBM and SAP AG.   When opened, it will be Marriott International’s seventh property in Bengaluru. Guest accommodations will be comfortably appointed, featuring Marriott’s renowned bed and bath amenities, bathrooms with separate tub and shower and modern technological connectivity. For dining and entertainment, the hotel will offer three restaurants, all with private dining rooms; two lounges and a poolside bar. Recreational amenities will include a Spa and health club and an outdoor swimming pool. Business travel-oriented services will consist of an Executive Lounge with a private meeting room and a full-service business center providing three workstations, a private office, a meeting room and a boardroom. Other amenities will include a gift and sundries shop, a florist shop and laundry/valet services. For conferences and social events, the hotel will offer flexible function space that is currently being configured. Jaipur Marriott Hotel The 365-room, contemporary Jaipur Marriott Hotel is owned by Serveall Land Developers Private Limited and will be part of a mixed-use development that will also include office and retail space. It will be situated approximately 2 kilometers from the Jaipur International Airport. Jaipur’s vibrant history and status as a heritage city make it a prominent international tourism destination in India. In addition to being a popular leisure and wedding destination, Jaipur is growing into a significant commercial city, driven by the jewelry and textile industries and, more recently, by the IT/ITeS industry. Accommodations at the Jaipur Marriott Hotel will feature baths with separate tub and shower, rich bed and bath amenities and state-of-the-art technological connectivity. Three restaurants, including a 24-hour casual outlet, and a lounge, pool bar and night club will provide guests with choices in entertainment and dining. Recreational amenities will feature a deluxe Spa and fitness facility and an outdoor swimming pool with Jacuzzi. For social functions and conferences, the hotel will have 2,120 square meters of function space include two ballrooms, each of which will be divisible into three sections; a meeting suite consisting of five conference rooms; and five individual meeting rooms in varying configurations. Business-oriented services will include an inviting Executive Lounge; a business center with five workstations, a meeting room and a boardroom. Additional amenities will feature a gift shop. The Jaipur Marriott Hotel will be Marriott International’s first hotel in the city. Courtyard by Marriott Hyderabad Hitec City Owned by Future InfraIndia Private Limited, the 200-room moderately-priced Courtyard by Marriott Hyderabad Hitec City will be located within the city’s Madhapur district on HiTec Road in a locality known as Jubilee Enclave among the various campuses of IT companies and back office processing centers. At the Courtyard by Marriott Hyderabad Hitec City, guests will have a variety of dining options and a lounge that will flow into the lobby for casual relaxation and socializing with friends and colleagues. Guest rooms will offer modern connectivity, comfortable living spaces and contemporary design and amenities.  For recreation, the hotel will have a fitness facility and an outdoor swimming pool. The hotel will feature 430 square meters of flexible function space for conferences and social events.  A business center with two workstations, a sundry shop and a Grab and Go kiosk for those in a hurry will round out the hotel’s amenities.  When opened, it will be the fourth Marriott International-flagged hotel in Hyderabad. The Marriott International portfolio in India is currently represented by 11 hotels in Mumbai, Goa, Chennai, Hyderabad, Pune, Gurgaon and Ahmedabad. JW Marriott, Marriott Hotels & Resorts and Courtyard by Marriott hotels all participate in the award-winning Marriott Rewards frequent guest travel program in which its more than 30 million members worldwide earn hotel points or airline miles for every dollar spent in the hotel during each stay. JW Marriott is part of Marriott International’s luxury portfolio and consists of beautiful properties in gateway cities and distinctive resort locations around the world. These elegant hotels cater to today’s sophisticated, self-assured travelers, offering them the quiet luxury they seek in a warmly authentic, relaxed atmosphere lacking in pretense. JW Marriott properties artfully provide highly crafted, anticipatory experiences that are reflective of their locale and give their guests time to focus on what is most important to them. Currently, there are 45 JW Marriott hotels in 19 countries; by 2013, the portfolio will encompass 73 properties in 28 countries. Source:http://finchannel.com/news_flash/Travel_Biz_News/61888_Marriott_International_Announces_4_More_Hotels_in_India/ Filed under: Bangalore , Builders/ Developers , Delhi , Hotels/ resorts , Hyderabad , New projects Tagged: Bangalore , hotels , Hyderabad , Jaipur , Marriott International , New Delhi

Tagged as: bangalore, delhi, hotel, jaipur, new-projects

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DS Hotels & Resorts (India) Ltd to open five hotels by Quarter four of FY 2011-2012

by Paul Joseph March 25, 2010

Noida-based Dharampal Satyapal Group (DS Group), which has its presence in FMCG, packaging, F&B, tobacco, infrastructure, rubber thread and other businesses, has formed its hospitality arm, DS Hotels & Resorts (India) Limited. The company plans to open five properties by Quarter Four of financial year 2011-2012. In Kolkata, the company will set up two hotels and a convention centre, a resort in Jim Corbett, Uttaranchal, a hotel each in Guwahati and Jaipur. Apart from this, the company plans to set up properties in Ranthambore, Shimla, Mysore, Dehradun and Goa in future. Nikhil Vahi, Vice President – Operations & Development, DS Hotels & Resorts (India) Limited said, “The construction work at Kolkata, Jim Corbett, Jaipur and Guwahati have started. The approximate amount of investment for these projects is Rs 500 crore. These hotels will target corporates, business and MICE clientele.” The property, currently under construction in Jim Corbett will have 60 rooms (including villas and cottages) and will be launched by January 2011. “This property will be managed and owned by us. However, for the Guwahati, Kolkata and Jaipur properties, we will sign up management agreement with international companies,” informed Vahi. For the Guwahati property, the company has signed a MOU with Guwahati Metropolitan Development Authority (GMDA), to set up 250-rooms five-star hotel. The property in Jaipur will also have 250 rooms. Spread across nine acres in Kolkata, DS Hotels & Resorts is coming up with a convention centre, a five-star and four-star hotel near the airport. These hotels will have total 400 keys. The convention centre will have the capacity to accommodate 800-1,000 people. DS Group forayed into hospitality industry in 2001 with the launch of a 67-room hotel in Nainital known as ‘The Manu Maharani.’ At that time, there was no separate company formed for hospitality sector. Increasing scope in the hospitality and tourism sector made DS Group to incorporate a separate division in order to make its presence felt in a bigger way. Source : http://www.travelbizmonitor.com/ds-hotels–resorts-india-ltd-to-open-five-hotels-by-quarter-four-of-fy-20112012-9895 Filed under: Builders/ Developers , Hotels/ resorts , Kolkata , New projects Tagged: DS Hotels & Resorts (India) Ltd , Guwahati , Jaipur , Kolkata

Tagged as: airport, builders/ developers, businesses, hospitality, hotels, hotels/ resorts, jaipur, kolkata, new-projects, president

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