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Real estate developer Arihant Superstructures Limited is set to venture into the hospitality sector, adding a new dimension to its business portfolio. The company aims to capitalize on the booming market around the Mumbai Trans Harbour Link (MTHL) and the upcoming Navi Mumbai International Airport.
Under the project, tentatively named World Villas, the company plans to construct an expansive 30 lakh sq. ft of real estate with an estimated revenue of over Rs 3000 crore. The jewel in the crown will be a 221-key hotel spread across 9 acres within the Panvel area of Navi Mumbai. Alongside, the development will house a sports club and gymkhana of over 10.5 acres.
The company wants a diversified revenue stream, not solely on real estate sales. The gymkhana will generate income through membership fees and additional revenue channels like food, drinks, entertainment, and sports venue sales. Simultaneously, the hotel is set to become a venue for weddings, corporate events, and accommodation.
Arihant Superstructures anticipates an investment of Rs 250 crore. Currently active in affordable to luxury housing in areas like Navi Mumbai, Panvel, and Karjat, the company's diversification aligns with its commitment to meeting the evolving needs of its customer base.
The company's visionary approach extends beyond hospitality, with plans for a plotted residential villa project spanning over 100 acres in Navi Mumbai. According to company spokesperson Chhajer, the company is optimistic about the steady growth of the Navi Mumbai residential real estate market, citing the impact of MTHL and the upcoming airport.
Arihant Superstructures, known for delivering over 12,000 homes across 60 projects, boasts a current construction pipeline of over 2,000 units, totaling over 18 lakh sq. ft. With 10,000 flats within a 30-minute drive from Navi Mumbai International Airport, the company maintains a focus on catering to homebuyers with budgets ranging from Rs 22 lakh to Rs 5 crore.
Other than Arihant, real estate giants are increasingly venturing into the world of hospitality, creating a global phenomenon fueled by rising demand, diversification needs, and industry partnerships. From India's K. Raheja building luxurious beach resorts like The Retreat Madh and partnering with Marriott for business hotels and Adarsh Group’s partnership with high-end luxury hotel Shangri-La and Adarsh Hamilton in Bengaluru; to Dubai's Emaar constructing the iconic Burj Khalifa alongside luxury hotels like ‘Armani Hotel Dubai’, the trend is undeniable.
Established names like Hong Kong's Shun Tak, owner of ‘The Peninsula’, and Las Vegas' MGM Resorts, are expanding beyond their core businesses, with MGM building luxury hotels like ‘Bellagio’. This diversification play sees developers like India's Lodha Group building a chain of high-end ‘The Lodha’ hotels, while Omaxe Group established a hotel chain called ‘Vivanta by Omaxe’ and also manages budget hotels under the ‘Lemon Tree’ brand. DLP Ltd. operates luxury hotels under the ‘DLF Palace’ brand, particularly in popular tourist destinations like Goa and Kerala. From beach getaways to city center business hubs, the focus is on providing quality hospitality experiences. With the increasing global interest in travel, this trend is expected to keep growing.
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