Infrastructure major Nagarjuna Construction Company (NCC) is entering the hospitality sector in a big way.
Its subsidiary NCC Urban Infrastructure Ltd (NCCUIL) is adding hotels, resorts and serviced apartments to its offering of real estate developments which includes residential and commercial complexes, townships and special economic zones.
All the hospitality developments by the subsidiary would be under the Nagarjuna brand.
The subsidiary’s hospitality debut is a serviced apartment, which is coming up in the heart of Bangalore’s IT corridor on the Panathur Main Road. The property, christened Nagarjuna Suites, is currently in the soft launch phase and would be officially launched this month.
The company, which intends to have a pan-India presence for its hospitality business, has identified quite a few sites which are part of the land bank already with the promoters. These include sites in Chikmagalur, Kochi, Pune and two more projects in Bangalore.
The company is planning to invest Rs 250-300 crore across four developments to start with. The international standard resort at Chikmagalur will cost around Rs 125 crore while the cost for Nagarjuna Suites is pegged at around Rs 40 crore.
The two hotel developments at International Tech Park, Bangalore (70 rooms), and Koramangala (70 rooms) are likely to entail an investment of over Rs 100 crore. The NCCUIL management is understood to be negotiating for a Ramada brand for the Koramangala hotel.
“The hospitality plans are moving out of the drawing-board stage. Chikmagalur will likely be a resort while other locations will be a mix of hotel, resorts and serviced apartment developments,” said Javed Kunnibhavi, general manager, Nagarjuna Suites.
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