Newstrack

Akruti City to share the hospitality pie

Plans investment of Rs 2,000 crore

Sayoni Bhaduri - Mumbai

Akruti City, previously known as Akruti Nirman - a real estate developing firm, is looking at entering the hospitality sphere with time-share and serviced apartments as well as a few hotel properties.

Chairman of the group, Hemant Shah informed Express Hospitality that within the next three months they will be starting these projects in all the present locations the company, including Mumbai, Thane and Pune. They are also looking at growth prospects in Delhi, Jaipur and Bangalore, as well as in the states of Gujarat. The properties are slated to be ready for launch in 2009 and will cater to different segments in different areas.

The entire investment in Akruti City's hospitality project involves Rs 2,000 crore over a period of two to three years. Shah will be waiting for the completion of the projects before he talks to chains for a management contract. He described the USP of his projects saying, "We are looking at innovative products for hospitality which are beyond the stereotype, where people can rediscover themselves."