India: Ascott has signed a 90-unit project with Paras Buildtech, in the northern city of Gurugram.
Citadines Paras Square, which is part of a mixed-use development on Golf Club Extension Road, is expected to become operational in second half of 2020. This is the second project that Ascott is signing in the Gurgaon area, the first being a 200+ unit Ascott-branded property for developer with Ireo, which is also expected to be operational early next year.
Ascott currently operates two serviced residences in Chennai and one in Navi Mumbai, and has projects in the pipeline in Hyderabad, Bengaluru, Goa and Gurugram. These projects together will add another 1,000 serviced residences to its inventory in India in the next few years to the 456 units already operational.
Citadines Paras Square Gurugram will have 90 one-bedroom and two-bedroom units ranging from 45 to 65 square metres.
Announcing the new property, B.V. Bharadwaja, country head – India, Ascott Limited, said: “Gurugram is a significant IT-ITeS cluster and is considered as the business process management (BPM) capital of the world. In 2018, the hospitality industry in Gurugram also witnessed an increase across all three parameters – average daily rate (ADR), occupancy percentage and revenue per available room (REVPAR) proving that there is an increasing demand for quality accommodation here. With the signing of Citadines Paras Square Gurugram, we will have two of our distinct serviced residence brands within two kilometres of each other, catering to both luxury and upscale segments.”
Aman Nagar, director of Paras Buildtech, said: “We are proud to be partnering with The Ascott Limited for the management of our second hospitality project. Ascott’s knowledge of the lodging market and its global reputation is consistent with our endeavor to develop quality, upscale projects that cater to global citizens.”
