India: Developer Assotech Realty has announced a 142-room five-star serviced apartment project in Sirdi.
It will be the first in a series of serviced apartment developments in Indian pilgrim and business destinations. The apartments will be managed and operated by Sandal Suites, a subsidiary company of Assotech Realty.
Neeraj Gulati, managing director of Assotech Realty said: “Our sites are located at Katra, Jammu and Kashmir, and Tirupati in Chittoor district of Andhra Pradesh.” Cities including Bengaluru, Mumbai, Hyderabad, Gurgaon, Noida (under construction), Lucknow and Indore are earmarked for business -focused developments, while leisure destinations including Goa and Kochi will be added later.
Gulati added: “We entered the hospitality industry with serviced apartments in 2007. When I visited Shirdi first, I instantly fell in love with the place and thought of investing in the pilgrim town. This is our first project out of NCR, Delhi.”
He said the company has moved in to hospitality due to its higher returns than the commercial construction sector: “Returns in the commercial segment are around eight to nine per cent, while it starts around 12 per cent in the hospitality industry. This is the reason we ventured into hospitality segment which is filled with great opportunities and has lots of potential. ”
The apartments in Shirdi will comprise a kitchenette, dining area, living room and bedroom. Facilities will include library with lounge, a swimming pool, and gym. The property will house a pure-vegetarian multi-cuisine restaurant, banqueting and conferencing facility, souvenir shop, concierge and a travel desk.
Sandal Suites is offering fully-furnished suites to investors on an “operational return basis” which means, the customer buys the suite and Sandal Suites manages the complex and shares the profit. The owner enjoys privileges along with free stays and special discounts on services.
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