Ambuja Neotia Group Enters Partnership with Apeejay Surrendra Group for Development of Park-Braned Residences in Kolkata

Ambuja Neotia Group Partners with Apeejay Surrendra Park Hotels for Rs 700 Crore Project

Company Overview: Ambuja Neotia Group, a prominent real estate developer, has partnered with listed hospitality firm Apeejay Surrendra Park Hotels (ASPH) to develop the Park Unizen branded homes project in Kolkata's Eastern Metropolitan Bypass.

Project Details: The 3.4-acre development includes a 218-key hotel under ASPH's flagship brand 'The Park', as well as 69 planned homes, of which 35 have been launched in the first phase, with 25 already sold. The four and five-bedroom apartments, designed by Gensler, have a starting price of Rs 8.31 crore.

Investment and Pricing: The partners are investing around Rs 700 crore towards the hotels-and-residences development, with Rs 260 crore earmarked for the branded residences. The promoters expect to take a significant price hike for the second phase of sales.

Read also: Oshea Herbals Aims for Rs 650 Crore Revenue Amidst Expansion Efforts

Market Trends: The demand for branded residences is driven by the desire for exclusivity and luxury amenities, especially those associated with premium and luxury hotels. This trend is being seen in cities such as Gurugram, Mumbai, Noida, and Bengaluru, with multiple developers and hospitality chains cashing in on the luxury homes and branded residences market.

Future Plans: While Ambuja Neotia Group does not have more branded residence projects in the pipeline, the group can look to integrate luxury villas and second-home projects in its resorts under development, employing a sale-and-leaseback mechanism to generate income for investors. A project in the hill station of Darjeeling is in the works, although the scheme has not been finalised.