Taj Hotel's Sixth Edition in Goa: Construction to Start in September 2024
The sixth Taj Hotel in North Goa is expected to be completed by September 2027, with a construction cost of ₹300 crore.
Taj HotelGoaBharat Realty Venture Pvt LtdIhclLuxury HospitalityReal EstateAug 02, 2024
The company signed a management contract with The Indian Hotels Company Limited (IHCL) to operate the facility under the Taj brand. BRVPL has also entered into a 60-year lease with Goa Tourism Development Corporation (GTDC) for the land parcel, with an upfront fee of ₹35 crore and a revenue sharing model of 5% of the gross top-line revenues.
Bharat Realty Venture Pvt Ltd (BRVPL) is a Mumbai-based real estate developer with a presence in areas like Andheri, Vile Parle, and Thane. The company is involved in the construction of luxury residential projects in Mumbai and has now ventured into the hospitality sector with the Taj Hotel project in Goa.
Information Goa has emerged as a popular destination for luxury villas, with several real estate developers launching high-end projects in the region. According to a report by PropEquity, Goa has seen a 90% appreciation in launch prices of residential units in the second home destination over the last five years.
The Taj Hotel project in Goa will offer a new luxury destination for travelers, with an unobstructed view of the Arabian sea. The property will feature North Goa's largest dining area with outdoor grounds, perfect for social gatherings and weddings. This partnership between BRVPL and IHCL promises to redefine luxury and elevate the hospitality experience in one of India's most sought-after destinations.
Quote \
Frequently Asked Questions
When will the construction of the sixth Taj Hotel in Goa start?
The construction of the sixth Taj Hotel in Goa will start in September 2024.
How much will the construction of the Taj Hotel in Goa cost?
The construction of the Taj Hotel in Goa will cost ₹300 crore.
How many rooms will the Taj Hotel in Goa have?
The Taj Hotel in Goa will have 170 keys.
What is the duration of the lease agreement between BRVPL and GTDC?
The lease agreement between BRVPL and GTDC is for 60 years.
What is the revenue sharing model between BRVPL and GTDC?
BRVPL will pay 5% of the gross top-line revenues to GTDC.
Related News Articles
RERA Chairman Under Scanner: EOW Launches Preliminary Inquiry into Alleged Irregularities
Retired IAS officer AP Shrivastava, Chairman of Real Estate Regulatory Authority (RERA), faces allegations of misconduct and abuse of power.
Adani Group's Acquisition of Radius Estates Gets NCLT Approval
The National Company Law Tribunal (NCLT) has approved Adani Group's acquisition of Radius Estates, marking a significant development in the real estate sector.
Stable Outlook for Real Estate in Key Cities This Fiscal
The mid to high-end housing segment is witnessing higher offtakes, particularly in the suburbs of Delhi NCR, Pune, Mumbai, and Chennai, as homebuyers seek more spacious and affordable options.
The Tale of Two Indias in Real Estate
The stark contrast in wealth distribution in India is vividly displayed in the real estate market. The top 10% of the population owns 80% of the country's wealth, and this disparity is particularly evident in the property sector.
Voting Trends: Ruchir Sharma's Insights on Maharashtra and Jharkhand Elections
Renowned global investor Ruchir Sharma offers his analysis on the recent political shifts in Maharashtra and Jharkhand, highlighting the surprising gains made by the Maha Vikas Aghadi and the implications for the future.
Karnataka Real Estate Regulatory Authority Seeks Legal Advisor in Bengaluru
Karnataka Real Estate Regulatory Authority (K-RERA) in Bengaluru is currently inviting applications for the position of Legal Advisor. The role is open for retired judicial officers with specific qualifications and experience.