MDLR Planning Rs 1000 cr Luxury Hotels

May 16, 2007	(1 votes, average: 1 out of 5)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Considering to cash on a serious shortage of hotel rooms in the Capital and near by areas along with demand appearing to outstrip supply, several new players from hospitality industry have lined up to set up hotels. The latest to join race is Gurgaon based MDLR Group which is planning to develop four luxury hotels with a proposed investment of Rs 1,000 crore over next three years.

The group has chosen Manesar, Gurgaon, Shimla and Jaipur as its ideal locations to set up hotels. The land for two hotel sites in Gurgaon and Manesar were acquired in 2006 from Haryana State Industrial Development Corporation (HSIDC), says Gopal Goyal, Chairman, MDLR Group.

The Gurgaon hotel will come up over an area of 11 acre. The land is believed to have a market value of Rs 350 crore which is almost double of the value that it was bought at. It has all been possible because of soaring property prices.

The development work of Shimla hotel will begin in the next three months, for NCR properties, the group is aiming the 2010 Commonwealth Games. There is a shortage of around 30,000 rooms in Delhi and the NCR. Needless to say, most real estate developers are planning to cash in on this shortage.

The group has expanded its horizons to aviation sector with MDLR Airlines and has operated its first take off on Delhi-Chandigarh sector last month. The airline will be later expanding operations to Ranchi, Kolkata, Mumbai, Surat, Jaipur and Bhavnagar.

News Published Under:   Real Estate Developers |

Comments