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Our Bureau

The investment is being made into residential projects

Pune , Oct. 11

Parikh & Parikh Associates, a US-based investment group led by Mr Raj Parikh, engaged in real estate and hospitality business with interests in international hotel groups such as Holiday Inn, Radisson Worldwide, Hilton International and Choice Hotel International, will invest Rs 60 crore through the FDI route in the Pune-based Sahil group, engaged in realty development.

Residential sector

The group, which is setting up a number of hotels in Maharashtra, including a resort at Alibaug, to be managed by Radisson hotels, is now foraying into the residential sector with projects in Pune, Thane and Mumbai.

The Rs 60-crore investment is being made by Parikh & Parikh into the residential projects, Mr Vinay Phadnis, Chairman and Managing Director of Sahil Resorts, Agrifields and Farms Pvt Ltd, said in a statement hereon Wednesday.

Mr Phadnis was speaking at the presentation ceremony organised to mark receipt of ISO 9001: 2000, ISO 14001:2004, OHSAS 18001: 1999 certificates for the group.

Sahil Resorts, Agrifields and Farms Pvt Ltd, a Sahil group company, engaged in hospitality services, real estate management for hotels, resorts, agrifields and farms is the first company in this field in India to get Integrated Management System certification which includes ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999, the statement said. Another Sahil Group company, Phadnis Infrastructure Pvt Ltd, which undertakes design, development, construction and sales of residential and commercial buildings apart from real estate management, has also become the second company in its field to get the above certifications.

Sahil has already set up a 3-star category Resort & Spa at Lonavala for which it has tied up with Sarovar while the Radisson property, which is scheduled to be a 5-star Ayurvedic Spa, is expected to be operational by the end of the first quarter of next year.

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