Anant Raj Industries, the infrastructure development and construction firm in the National Capital Region (NCR), has major plans for the hospitality sector in the upcoming year.
The company plans to develop five hotels in 3- and 4-star categories in the coming quarters, which will either will be leased out or operated by the company itself under a tie-up with hotels chains.
In 2008, Anant Raj curtailed its hospitality plans due to a slowdown in the sector and allocated the funds for other projects such as special economic zones, commercial and residential projects.
At present, the company owns and has completed five hotels and rental income from these properties has already been started.
The developer also believes that the Commonwealth Games later this year will only increase the demand for hospitality further.
Seven hotels of Anant Raj are strategically located close to the Delhi Airport. It has a tie-up with three hotel operators — Seasons, Aitken Spence and Althoff Hotels.
Anant Raj had said it will invest Rs 600 crore to buy land primarily in the NCR in the current fiscal to launch different projects.
It has already spent Rs 200 crore in 2010 to acquire land in Manesar and Sonepat in NCR. The company had allocated Rs 300 crore towards the execution of projects.
