NRI Real Estate and Property Investment in India
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NRI Hotelier to Invest Rs 5000 Cr in India
Tuesday, January 08, 2008

US Based NRI, Sant Chatwal, owner of New York-based Hampshire Hotels and Resorts has proposed an investment of Rs 5,000 crore to build hotels across India within the next four years.

Elaborating his plans, Chatwal said that they would put in Rs 5,000 crore in Indian hospitality sector during next four years for constructing new chain of hotels. He also added that out of total investment, a sum of Rs 1,000 to 2,000 crore has been earmarked by the company for setting up hotel in Punjab.

Attending a NRI Conclave organised by Punjab government on Saturday, chatwal told reporters that Major portion of the proposed investment would be dedicated for building up new hotels in southern part of India. "We would set up new hotels under the brand of Hampshire Plaza and Dreams Hotels in Karnataka, Andhra Pradesh, Kerala and Chennai," he said.

"Out of these hotel projects, one hotel at Hyderabad is being set up at an investment of Rs 125 crore and another hotel is also being constructed in Kochi with an outlay of Rs 200 crore," he said.

Disclosing his investment plans in Punjab, the Hotlier revealed that he has proposed the Punjab government for converting the Gobindgarh Fort in Amritsar to a seven star heritage hotel cum museum which would showcase the history of the Punjabi culture and tradition and the state had shown keen interest in his proposal.

 

 

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