Gulshan Group commits Rs 1,000 crore to build Taj-branded hotel and residences in Noida
→Construction project managers must deliver the project within five years
Change
Gulshan Group is bound to invest Rs 1,000 crore to construct a Taj-branded complex in Sector 129 Noida comprising a 150-key luxury hotel, 74 residences and one penthouse, with construction started and a five-year completion deadline.
Why it matters
Indian Hotels Company Limited (IHCL) will manage the hotel and branded serviced residences, so built units must meet the project's ultra-luxury specification (about 7,500 sq ft per residence). Gulshan Group will retain ownership of the hotel and the penthouse, so the asset team must not sell those units.
Implications
- — Construction project managers contracted by Gulshan Group must meet the five-year completion schedule — failure to meet the deadline will delay residence handovers and defer projected sale proceeds.
- — Gulshan Group treasury and finance teams must mobilise the committed Rs 1,000 crore immediately to fund ongoing construction — failure to release funds risks work slowdowns or stoppages.
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Source
View on Economic Times