Listed real estate developer Arihant Superstructures Limited plans to make its debut in the hospitality business by creating annuity income from businesses including a hotel, a gymkhana and a club.
The developer is planning to build 30 lakh sq ft of real estate near Mumbai Trans Harbour Link (MTHL) and the upcoming Navi Mumbai International Airport with a projected revenue of Rs 3,000 crore.
According to the company, the first venture for its hospitality foray will be part of its project named World Villas and Club 10 gymkhana in the Panvel area of Navi Mumbai. The plan is to have 221-key hotel on 9 acres, and another sports club and a gymkhana on 10.5 acres.
The gymkhana would have a revenue stream of membership fees with additional revenues from the sale of food, drinks, entertainment and sports venue sales, while the hotel would be positioned as a wedding destination events and a venue for corporate events, apart from offering rooms on rent. The company expects that the above would require an investment of Rs 250 crores. The company currently active in affordable and mid-segment to luxury housing in areas like Navi Mumbai, Panvel, Karjat, etc.
The company is also in the process of developing a plotted residential villa project in Navi Mumbai spread across more than 100 acres.
According to Chhajer, the company expects the Navi Mumbai residential real estate market to grow steadily. "On account of MTHL, we have increased prices 5 percent. Even when the Navi Mumbai airport is operational, our price rise will always be in the minimal range as we do not want to harm homebuyers’ sentiment," said Chhajer.
The company has 10,000 flats within 30.minutes’ drive from the heart of the city but close to the upcoming airport known as Navi Mumbai International Airport. According to the company, it is focused on catering to homebuyers with a budget in the range of Rs 22 lakh to Rs 5 crore and it has products spanning this range.
According to the company, while it has no immediate plans to enter the real estate market in Mumbai proper, nothing is ruled out.
The company has till now delivered more than 12,000 homes across some 60 projects and currently has a pipeline of over 2,000 units under construction, totalling over 18 lakh sq ft.
