Builder Of Hyatt Regency Plans Hotel-Branded Residence Projects In Mumbai
Provenance Land, which is constructing a mixed-use development project under the Four Seasons brand, including a hotel, residential tower and a commercial building at Worli, hopes to replicate the hotel-branded residences model in other parts of the megapolis.
The company, which has built Four Seasons and Hyatt Regency hotels in the country, is developing a luxury residential project, and also construct a commercial tower next to the Four Seasons hotel at Worli.
"We have been developing hotels, but now, we want to move a step ahead. We want to build branded luxury homes and commercial towers next to the hotels creating a complete mixed-use development," company Managing Director Adarsh Jatia said.
Measures such as demonetisation and implementation of the real estate law did have an initial impact, but, the demand for luxury and branded residences was still high, he added.
He said there was scope for developing more such mixed-use projects in Mumbai and Delhi.
"Currently, our focus will be on Mumbai. We want to first complete this Four Seasons residences project. At the same time we are scouting for opportunities where we can replicate the model," Jatia said.
In 2015, the company launched Four Seasons Private Residences with an investment of Rs 650 crore. The project, which was expected to be complete by 2020, had a total revenue potential of around Rs 1,500 crore, he said, adding almost 60 per cent of its total 35 units have already been sold.
The commercial tower would be launched in the coming months, he added.
When asked whether the company was planning future projects under the Four Seasons brand, he said: "We have not decided yet. We will look for the best opportunity. Our aim is to provide best-in-class experience to our customers."
Provenance Land, previously called Magus Estates and Hotels, has built five new real estate projects in India.
With inputs from Housing News