New Delhi, Mar 18: Realty firm Gulshan Group on Wednesday said it will invest Rs 1,000 crore to develop a Taj-branded hotel and residences in Noida as part of its expansion plan. The company has signed Indian Hotels Company (IHCL), the country's largest hospitality company, to manage this project comprising a 150-key luxury hotel, 74 apartments and one penthouse.
"We will invest Rs 1,000 crore to develop this project," Gulshan Group Founder Gulshan Nagpal told reporters here. The construction work has started, and the project will be completed in five years.
Revenue expectations and project details
Gulshan Group will not sell the hotel and the penthouse. "The total revenue from the sale of residences will be more than Rs 2,000 crore," Gulshan Group Director Deepak Kapoor said.
This greenfield project is located in Sector 129 along the Noida Expressway. This is the tallest Taj Hotel and the first in Noida, Uttar Pradesh. This is the second Taj-branded residential project in India.
Rising demand for luxury developments
Puneet Chhatwal, Managing Director & CEO, IHCL, said, “India is among the top five global economies and the rising affluence levels is leading to demand for luxury products and services including branded residences in urban centres. The unveiling today of this landmark development of a Taj hotel and branded residences will set a benchmark in luxury in the National Capital Region.”
The Taj-branded serviced apartments will present ultra-luxury residences spanning about 7,500 sq ft each. Gulshan Group Director Yukti Nagpal said there is a huge demand for luxury hotel and branded residences in Noida.
Company background and portfolio
Gulshan Group, one of the leading real estate firms in Delhi-NCR, has developed more than 10 housing and commercial projects across Delhi-NCR.
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IHCL, incorporated by the founder of the Tata Group Jamsetji Tata, opened its first hotel - The Taj Mahal Palace, in Bombay in 1903.
IHCL has a portfolio of 620 hotels, including 255 in the pipeline globally across 4 continents, 14 countries and in over 250 locations.
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