Surat to get Rs 935 cr fresh investment

MoUs signed for 5-star hotel, golf course projects

Two Memoranda of Understanding (MoUs) worth Rs 935 crore were signed in Surat during a meeting to review the progress made on the various investment plans conceptualised during the Global Investor Summit in 2003.

An MoU, worth Rs 500 crore, was signed between the Gujarat government and the US-based Chhatrala Hotel Group. "Chhatrala Group is involved in hospitality industry since 25 years, and owns, develops and manages a wide variety of hotels in the US. We are interested in developing our business in India, and since our roots are in Surat, we have expressed willingness to make the investment here," Shailesh Patel, president, development and acquisitions, Chhatrala Group, told Business Standard.

"The project would comprise a five-star hotel with convention centre, mall with a 10-screen multiplex, NRI luxury condominiums, senior citizen complex, twin towers office building, hospital and medical centre, cultural centre, water sports, college of hotel management, and other facilities. We also propose to build a 50 plus storey complex, which shall stand out as a hallmark. The total construction area would be approximately 12.75 lakh sq. ft.," he added.

"Surat is the business hub of Gujarat. It is the biggest centre of textile and diamond industries. Many more industries are coming up in Hazira belt. A jewellery park and an apparel work are also being developed. Surat is also the city of choice for visiting Non Resident Indians (NRIs), especially Gujaratis, and also a safe place to invest. Despite all this, the city lacks such a facility, which is the main reason for us, to plan the project," he explained.

"The entire funding for the project would be done by us. We are looking for a suitable location for the project. We intend to complete the project within two years of acquiring the land and getting the necessary approvals," he added.

The second MoU, which involves proposed investment of Rs 435 crore, is related to developing a golf course and island resort, along with health and hospitality services. The MoU was signed by Nayan Shah, a leading businessman of Surat, on behalf of No Exit Island and Resorts.

Giving the details, Shah said, "From being an old historical city, Surat is rapidly becoming a modern developing city. There has been a marked change in the habits of the local population, which includes a tendency for a more sophisticated lifestyle."

"A survey was conducted recently, to identify the different types of people, who are likely to visit the Hazira belt and Surat city.

"The survey revealed that the business visitors, foreign technicians and engineers, would be willing to visit health spa, golf course, and similar facilities to reduce stress. The foreign visitors and also the NRIs, require residential facilities of good standard," he said.

"The project would comprise a gold course, country club resort, villas, farmhouse, swimming pool, 5-star hotel, health centre, bridge, boat club & jetty, and equipped with all other facilities. The people would not want to exit the place, and hence we have named the project 'No Exit', he said. In reply to a question, Shah said, "We plan to develop the project at an island, situated at Dumas, on Surat outskirts. We have written to the Gujarat government, and evinced interest to purchase or acquire on lease. We are hopeful of getting a positive response."

"We plan to develop the project along with a NRI group of New York, which is in business of hospitality services since thirty years. We would raise the money required for the project," he said in response to another query.