Real estate company Gulshan Group has announced plans to develop a Taj-branded hotel and residences in Noida.
The realty firm will invest Rs 1,000 crore to develop the project, said Gulshan Nagpal, founder, Gulshan Group.
Gulshan Group has signed Indian Hotels Company (IHCL) to manage this project comprising a 150-key luxury hotel, 74 apartments and one penthouse.
Indian Hotels is the country's largest hospitality company.
The construction work has started and the project will be completed in five years. The greenfield project is located in Sector 129 along the Noida Expressway.
Gulshan Group will not sell the hotel and the penthouse. The company expects total revenue from the sale of residences to be more than Rs 2,000 crore.
This will be the tallest Taj Hotel and the first in Noida. This will be the second Taj-branded residential project in India.
"India is among the top five global economies and the rising affluence levels is leading to demand for luxury products and services including branded residences in urban centres.The unveiling today of this landmark development of a Taj hotel and branded residences will set a benchmark in luxury in the National Capital Region," Puneet Chhatwal, Managing Director & CEO, Indian Hotels, said.
Gulshan Group, one of the leading real estate firms in Delhi-NCR, has developed more than 10 housing and commercial projects across Delhi-NCR.
Indian Hotels, incorporated by the founder of the Tata Group Jamsetji Tata, opened its first hotel - The Taj Mahal Palace, in Bombay in 1903. Indian Hotels has a portfolio of 620 hotels, including 255 in the pipeline globally across 4 continents, 14 countries and in over 250 locations.
