Bangalore-based real estate developer Puravankara Group has earmarked around Rs 1,000 crore for its foray into the hospitality business, a top company official said.
"We are coming up with five to six hospitality projects in south India. The total investment would be around Rs 1,000 crore spread over three-to-four-years for all the projects," Puravankara Projects' Director Ashish Puravankara told reporters here today.
The first project, currently in the designing phase, would come up in Kochi, Kerala, he said.
"Our first hotel would be in Kochi and the project would be completed in two-to-two-and-a-half years," he said.
The project would be a joint venture and the company was presently in negotiations with an international operator for a tie-up, he said.
The total number of rooms per hotel would be 150 to 200, he said, adding that the company has identified land for all of its hospitality projects.
Besides, the company has plans to construct a mall for which it has identified land in south Bangalore, he said.
