Financial Daily from THE HINDU group of publications
Monday, Apr 03, 2006
Financial Daily from THE HINDU group of publications Monday, Apr 03, 2006 |
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Corporate
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New Projects Industry & Economy - Real Estate & Construction States - Maharashtra Panchshil Infrastructure to invest Rs 150 cr in Pune Sudha Menon
Panchshil will develop two long-stay service apartments in the upscale Koregaon park area.
Pune , April 2 Pune's buzzing hospitality sector is witnessing fresh action with Oakwood Service Apartments, a global provider of corporate housing, now coming in to manage two properties that are being set up a leading player in the realty business, Panchshil Infrastructure Pvt Ltd. Panchshil, which is a dominant player in the premium housing development business, will invest Rs 150 crore to develop two long-stay service apartments in the upscale Koregaon park area of the city, which has easy access to the airport. The first of these, an 84-room property, is coming up at Naylor Road near the Taj Blue Diamond and will be ready in the next six months, Mr Atul Chordia, Director, Projects, told Business Line. Next on the anvil is a 162-room service apartment in Koregaon Park, which will be ready 18 months. Panchshil Infrastructure has roped in Oakwood to manage the two properties. With the city developing into an important business destination there is a virtual explosion in business travel to the city. The city's existing base of at least four five-star hotels and more than a dozen three and four-star hotels are perpetually short of rooms, a fact that has attracted attention from hotel industry majors such as the Hyatt, Marriott and Radisson who are all set to launch properties here over the next couple of years. "At the moment there is a shortfall of 1,400 rooms in the city,'' Mr Chordia said. Panchshil Infrastructure, meanwhile, is also a dominant player in the IT infrastructure space, having developed 2 million sq ft of space for the industry, including built-to-suit premises for IBM in the city.
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