Indian Hotels Company Ltd (IHCL) has entered into a management contract with Paranjpe Schemes Construction Limited for a Gateway Hotel in Hinjewadi, Pune. Hinjewadi is the fastest growing IT and bio-tech site in Pune with a large corporate clientele base.
Paranjpe Schemes is one of the largest developers in Pune and has pioneered housing for senior citizens. The proposed project is the first hotel venture of the company.
The new hotel will be a part of the Taj Business Hotels portfolio. The Gateway Hotel will be a 150-room mid-market hotel with a multi-cuisine restaurant, a bar, banquet, meeting facilities and a health club.
The 138-acre project will have IT/ITeS SEZ, residential apartments and villas, a retail mall and a star hotel.
“We have received the land clearance from the State government and also the initial approval from the Centre. We hope to start the project in the next two months,” Paranjpe Schemes Ltd managing director Shashank Paranjpe said.
He said that the project should have a market value of Rs3,200 crore and will generate employment for 30,000 knowledge workers.
Chinese architect ECADI has been commissioned to design the project, which is estimated to be complete in six years.
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HDFC India Real Estate has a corpus of Rs 1,000 crore. The fund has bought stake in another Pune based real estate developer Vascon Engineers.
The fund has a mandate to invest in three broad classes of projects-those that are complete, those in the development stage and those in the planning stage. These could be in the residential as well as commercial sector. The fund is managed by HDFC Venture Capital, in which SBI has a 19.5% shareholding apart from HDFC
GE Capital, one of the largest private equity investors in the world, has bought equity in a specific project of the company and will not hold equity in the holding company-Paranjape Schemes. The model may be that of a Special Purpose Vehicle with GE Capital holding a significant stake.
Mr. Shashank Paranjape, MD, Paranjape Schemes, outlined the ambitious expansion plans of the company which include two mega townships in Pune, both with Athashri housing for senior citizens. Concept of Athashri is already on the way to becoming national with a project at Bangalore under development and 5 new projects planned at Ahmedabad, Kolkata, Hyderabad, Mumbai and Delhi, the first 2 being launched during the current year.
Paranjape Schemes’ commitment to senior citizens has resulted in the establishment of Athashri foundation that takes a holistic view of the life of senior citizens. Athashri foundation is in the process of setting up Continuing Care Units for senior citizens who don’t need to be hospitalized and yet require continuous attendance and support. These units will be manned by trained staff and will be equipped with high tech gadgets and equipments that make the life of senior citizens comfortable and convenient.
Other than the Athashri projects, Paranjape Schemes is planning a number of ambitious projects involving IT parks, SEZs, Malls and Multiplexes, and world-class housing. “We take investment by HDFC as an endorsement of our track record and it will go a long way in supporting our growth plans” said Mr. Shrikant Paranjape, Chairman, Paranjape Schemes. With support from HDFC, Paranjape Schemes a household name in Pune and Maharashtra is said to scale greater heights on the national and international level.
Mr Parekh, chairman of HDFC, said that they would be more flexible and liberal in lending to residents of Athashri since the developer remains involved in the project. He added that as the developers take the housing for senior citizens project nationally, which they will do over a two-three year period, HDFC will go along with them.
Reverse mortgages are widely used in the US by the elderly when they have no income, but own an asset like a home. By mortgaging that asset, they are able to generate an income through it for lifetime and whatever loans are accumulated are recovered through its sale when they expire. “We will start with the 300 households in this project where it is easier for us since the developer will remain in control and it is all under one roof.
IT park at Hinjewadi, (visit PuneRealEstate for photo feature),near Pune in Maharashtra. The announcement was made during the visit of state chief minister Vilasrao Deshmukh to the US, where he had a business dinner with Microsoft chairman Bill Gates in Seattle.
Hinjewadi is known for housing some of well known IT companies like Infosys, Wipro, Oracle, IBM and others.
Voreando will invest $200 million on the township which will be developed over the next five years.
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