NRI Real Estate and Property Investment in India
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Domina Plans three Vedic Sub-Brands
Monday, May 05, 2008

Real estate firm Shristi Infrastructure, which had set up a joint venture hotel management company, Domina India, with Milan-based Domina Hotel Group last year, all set to introduce three sub-brands under the umbrella Vedic label in India.

About Rs 2,400 crore will be invested over five years to set up about 35-50 properties. These will be the two-star Vedic Inn, a mid-scale Vedic Domina and five-to-seven star resorts - Vedic Resorts and Palaces. The partners will have equal share in the investment.

All models - joint ventures in Goa, space sharing and management contracts - will be explored. Domina will also set up a special purpose vehicle to offload equity to private equity funds, and part-fund its hospitality venture. Plans are afoot to take the Vedic brand overseas in the next two-and-a-half years. Sujit Kanoria, managing director, Shristi, told DNA Money, "First we want to perfect the Vedic brand and then decide which sub-brand can be taken overseas."

Kanoria is certain that they will not acquire running hotels overseas, but opt for management contracts of Greenfield properties. "Getting clearances for owning land is comparatively easy overseas. In India, hoteliers need a single window clearance for all approvals," he said.

Properties are in the process of coming up in various parts of West Bengal and Bangladesh border, while negotiations are on in Bangalore, Pune and Goa. In case of land acquisition, Shristi is looking for leases, full ownership and joint development. "We are looking to mitigate our risks and are open to all business models," said Kanoria. Shristi and Domina will develop the properties and Domina India will manage them.



 

 

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