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In a significant development for India's hospitality sector, realty developer Abhinandan Lodha Group, in collaboration with Leela Palaces, Hotels & Resorts, has announced plans to invest over Rs 2,000 crores in building luxury hotels across India's historic and cultural cities containing Amritsar, Ayodhya, Benares, Shimla, and Vrindavan. The first project in their ambitious portfolio is a luxury modern palace hotel in Ayodhya, near the revered Shri Ram Janmabhoomi Temple.
Set on a five-acre land parcel on the banks of the sacred Sarayu River, the Ayodhya Hotel will be a tribute to Indian culture and heritage. This project underscores the efforts to elevate Ayodhya's cultural and economic landscape. Chairman of Abhinandan Lodha Group, Abhinandan Lodha, expressed his commitment to preserving Ayodhya's rich legacy through this venture.
The Ayodhya hotel will also be part of the larger development called 'The Sarayu,' spanning 51 acres and featuring residential plots, villas, and high-rise luxury apartments, at an investment of over Rs 450 crores. The hotel is expected to be fully operational by March 2028, providing a comprehensive luxury experience for guests and residents.
Under the partnership terms, Leela Palaces, Hotels & Resorts will not only be involved in the design and development of the property but also co-own the Ayodhya hotel. This marks Leela's first jointly developed luxury property, showcasing their commitment to delivering culturally resonant and opulent hospitality.
The new hotel project comes at a time of heightened infrastructure development and economic activities in Ayodhya, particularly due to the new temple complex. This development is expected to boost tourism and position Ayodhya as a regional business and economic hub with improved connectivity.
The Abhinandan Lodha Group's broader investment strategy involves a total planned investment of Rs 11,000 crores to acquire and develop land parcels across India. There is a strong focus on plotted developments and land investments, with Rs 3,000 crores earmarked for Uttar Pradesh and Rs 1,200 crores specifically allocated for Ayodhya. The group plans to finance these investments through internal accruals.
With the increasing appeal of plotted developments as an investment asset post-pandemic, the Abhinandan Lodha Group foresees substantial growth in this segment. Their net sales for the financial year 2023-24 are projected to reach Rs 2,000 crores, emphasizing the growing demand for luxury properties in tier II and III locations and on the outskirts of tier I cities.
This partnership between Abhinandan Lodha Group and Leela Palaces, Hotels & Resorts signifies a promising collaboration that aims to redefine luxury hospitality in cultural cities while respecting its rich heritage. As both companies work together, they are set to create an extraordinary experience for visitors and residents alike.
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