New Delhi, March 18 – Real estate firm Gulshan Group announced on Wednesday that it will invest ₹1,000 crore to develop a Taj-branded hotel and residences in Noida as part of its expansion plan.
The company has signed an agreement with Indian Hotels Company (IHCL), the country's largest hospitality company, to manage this project, which includes a 150-key luxury hotel, 74 apartments, and one penthouse.
"We will invest ₹1,000 crore to develop this project," said Gulshan Group Founder Gulshan Nagpal, speaking to reporters here.
Construction work has begun, and the project is expected to be completed in five years.
Gulshan Group will not sell the hotel and the penthouse.
"The total revenue from the sale of residences will be more than ₹2,000 crore," said Gulshan Group Director Deepak Kapoor.
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. It is the second Taj-branded residential project in India.
Puneet Chhatwal, Managing Director & CEO, IHCL, said, “India is among the top five global economies, and rising affluence levels are driving 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 for luxury in the National Capital Region.
The Taj-branded serviced apartments will offer ultra-luxury residences spanning approximately 7,500 sq ft each.
Gulshan Group Director Yukti Nagpal said there is a huge demand for luxury hotels and branded residences in Noida.
Gulshan Group, one of the leading real estate firms in Delhi-NCR, has developed more than 10 housing and commercial projects across Delhi-NCR.
The IHCL, founded by the Tata Group's founder 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.