Uppal housing to invest Rs 1,500 crore in hospitality sector

Delhi-based Uppal Housing Private Ltd will invest Rs 1,500 crore in over 2-3 years in hospitality business.

The company plans to set up five-star hotels in Pune, Hyderabad, Bangalore, Goa and Chennai.

Currently, the group, which owns Uppal Orchid hotel in Delhi, has two five-star properties under construction in Gurgaon and Chandigarh.

Speaking to Business Standard, Director of the company, Atul Mehrotra said: "We are looking at the hospitality sector in India and plan to set up five-star hotels in Pune, Hyderabad, Bangalore, Goa and Chennai. Also, the group will be tying up with hospitality brands to manage new properties."

Funds would be raised through debt, internal accruals and by raising funds from private equity players or through the IPO route.

Apart from a five-star hotel, the company is coming up with a mall called Centra mall and luxury apartments called Uppal's Marble Arch in Chandigarh. The company will invest Rs 100 crore and Rs 250 crore respectively in these projects.

About other projects in Punjab, he added: "Recently the state government announced that it was preparing master plans for 40 towns. We are waiting for the master plans. Then only we will be in a position to disclose our future plans. Further, we are looking at Himachal Pradesh for potential hospitality projects."