Park Hotels to raise ₹350 Cr from Kolkata residence project with Ambuja Neotia Group collaboration – CNBC TV18

Apeejay Surrendra Park Hotels Ltd. expects to generate round ₹350 crore from a 69-unit serviced residence project on EM Bypass in Kolkata, being developed in collaboration with Ambuja Neotia Group, with the proceeds set to fund its upcoming 218-key luxurious resort within the metropolis, a senior firm official stated on Wednesday.

The project marks the primary collaboration between the 2 Kolkata-headquartered teams, each of which have formed the town’s hospitality and actual property panorama for many years.

The project will come up on a 3.35-acre land parcel owned by Apeejay Surrendra Park Hotels.

Of the whole land, 51% has been allotted to the resort, with the remaining for the residential part. Each tasks are focused for completion by 2030.

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Park Hotels managing director Vijay Dewan instructed PTI that the serviced residence project, ‘The Park Unizen’, is predicted to generate about ₹350 crore in income, which will probably be used to help the development of the adjoining 218-key luxurious resort.

“That is our first combined-use growth of this scale, and the residential monetisation will assist us fund the resort asset,” Dewan stated, including that the corporate could discover comparable built-in tasks in future.

Apeejay officers stated the group partnered with Ambuja Neotia for its sturdy and distinctive expertise in aesthetic actual property growth in japanese India.

Harshavardhan Neotia, chairman of Ambuja Neotia Group, stated the residential part includes two blocks with a complete building space of seven.52 lakh sq ft, and the world of the serviced residences will probably be 3.71 lakh sq ft.

He added that market response has been strong, with 25 out of 35 flats within the first block already booked.

The adjoining resort, positioned within the luxurious phase, will characteristic banquet services, a number of eating codecs and wellness facilities, focusing on each enterprise and leisure travellers.

Business executives stated such built-in developments allow hospitality firms to unlock land worth whereas mitigating capital depth of resort tasks, significantly in premium city corridors.

The dual tasks are anticipated to additional strengthen EM Bypass as a key hospitality and residential progress axis in Kolkata’s increasing city market.