The C L Raheja group is planning to invest Rs 150 crore in the first phase of its hotel complex-cum-convention centre in Powai, Mumbai.
Being constructed on a 10-acre plot, complex, named The Residence Powai, will have an apartment hotel of 300 units, a five-star hotel of 500 rooms and a 50,000-sq feet convention centre.
Construction is likely to start in December and will be completed in two phases. In the first phase, expected to take three years, 150 apartment units and 200 units of the hotel will be constructed. The group will be raising Rs 85 crore from banks and financial institutions.
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Rajeev Chopra, managing director, Residency Hotels Pvt Ltd, said the Rahejas are also considering tying up with an international hotel chain for the hotel complex in Powai.
We are in the process of identifying the right partner. We are not interested in any equity participation. The details for the tie-up are being worked out," Chopra said. The groups other projects include similar apartment hotels in other cities, apartment blocks in Pune and a chain of departmental stores all over the country.
The development plans in Pune include setting up of apartment blocks in a 20-acre plot.
In June, the Hyderabad outlet of the upmarket departmental store, Shoppers Stop, will start operations and soon new ones will be opened in Chennai and Pune.
The hotel complex project had got government approval five years ago but was delayed due to the split in the Raheja family two years ago. After the split, Resort, Shoppers' Stop and The Residence Powai, (apartment hotel), went to C L Raheja and The Retreat, Carlton Hotel and Ramada Palm Grove went to G L Raheja.