Assotech Realty Invests INR 200 Crore in 160-Suite Hotel at Shirdi

Real estate developer Assotech Realty has announced plans to invest approximately INR 200 crore to develop a hotel in Shirdi, Maharashtra, expanding its presence in the hospitality segment and targeting the town's large pilgrimage-driven tourism market.

The company said the project will be developed on a 2.5-acre site and will comprise an all-suite hotel with 160 accommodation units. Each suite will measure about 45 square metres, according to company officials.

Assotech Realty has entered into an agreement with hospitality company Atmosphere Core, which will operate and manage the property once it becomes operational. The hotel is expected to be completed and opened within about two and a half years.

Neeraj Gulati, managing director of Assotech Realty, said the company decided to invest in the project after assessing demand for organised hospitality infrastructure in Shirdi, which attracts large numbers of religious visitors throughout the year.

Shirdi is one of India's most prominent pilgrimage destinations and receives around 25 million devotees annually who visit the Sai Baba temple. The steady influx of visitors has driven demand for hotels and other accommodation facilities catering to both domestic and international pilgrims.

Assotech Realty already has experience in the hospitality sector through Sandal Suites, a hotel property located in Noida that is operated by Lemon Tree Hotels. The company indicated that the upcoming Shirdi project represents a continuation of its strategy to expand hospitality developments in key tourism and pilgrimage destinations.

Salil Panigrahi, co-founder and managing director of Atmosphere Core, said the hospitality sector in spiritual tourism destinations is evolving as travellers increasingly expect organised accommodation and services even during religious visits.

He noted that destinations such as Shirdi are experiencing structured tourism demand alongside traditional pilgrimage travel, prompting hospitality operators to develop properties that offer higher standards of comfort and service.

Atmosphere Core currently operates nine private island resorts in the Maldives and also manages a heritage hotel in India. The company's partnership with Assotech Realty for the Shirdi property represents an expansion of its presence in the Indian hospitality market.

Assotech Realty has developed approximately 6-7 million sq ft of real estate across residential, commercial and hospitality segments, primarily in the Delhi-NCR region. The developer indicated that it intends to explore additional hospitality projects in tourism-driven locations as part of its future growth strategy.

Industry observers note that religious tourism destinations such as Shirdi have seen sustained visitor growth in recent years, prompting increased investment in hotels and related infrastructure aimed at accommodating large volumes of pilgrims and tourists.