Like this story, share it with millions of investors on M3
Puravankara to invest Rs 1,000 cr in South India
Puravankara Projects Ltd, a Bangalore-based property developer, plans to invest nearly Rs 1,000 crore over the next two years to set up four to five hotels in South India. The company is in talks with hospitality giant Oberoi Hotels & Resorts for the development and management of these hotels.
Puravankara Projects Ltd , a Bangalore-based property developer, plans to invest nearly Rs 1,000 crore over the next two years to set up four to five hotels in South India. The company is in talks with hospitality giant Oberoi Hotels & Resorts for the development and management of these hotels.
Hospitality projects
"We have earmarked Rs 1,000 crore for our hospitality projects. In the first phase, we will have four to five hotels. We are in talks with the Oberoi Group for development and management of these hotels," a senior company official said on conditions of anonymity. The investment will be funded through a combination of debt and internal accruals.
The hospitality projects of Puravankara will include resorts, business and luxury hotels. "The hotels will have about 150-350 rooms each. Initially, we plan to develop hotels in Kochi, Chennai, Coimbatore, Bangalore and Hyderabad. This could be followed by similar projects in northern India including Kolkata," the official added.
In Kolkata, the company plans to develop either luxury or business hotels but is yet to firm up plans. "We have plans for Kolkata but for now we will focus in South India," the official said.
Puravankara already has a presence in Kolkata through Keppel Puravankara Development (KPD), a joint venture with Singapore-based Keppel Land Ltd. KPD is developing a residential project on 2.6 million square feet of land in Rajarhat.
"We have earmarked Rs 1,000 crore for our hospitality projects. In the first phase, we will have four to five hotels. We are in talks with the Oberoi Group for development and management of these hotels," a senior company official said on conditions of anonymity. The investment will be funded through a combination of debt and internal accruals.
