Kamal Ghorui
NOIDA: Realty firm Gulshan Group on Wednesday announced a Rs 1,000 crore investment to develop a Taj-branded hotel and residences in Noida, marking a major expansion in the luxury segment. The company has partnered with Indian Hotels Company Ltd (IHCL), which will manage the project comprising a 150-key luxury hotel, 74 serviced apartments, and a penthouse. Construction has already begun, and the project is expected to be completed within five years. While the hotel and penthouse will be retained by the developer, the residences are projected to generate over Rs 2,000 crore in revenue. Located in Sector 129 along the Noida Expressway, the greenfield development will be the first Taj hotel in Noida and is set to be the tallest under the brand. It will also mark IHCL’s second Taj-branded residential project in India. The serviced apartments, each spanning around 7,500 sq ft, are positioned in the ultra-luxury segment, reflecting growing demand for premium living spaces in urban centres. IHCL MD and CEO Puneet Chhatwal said rising affluence and India’s position among the top global economies are driving demand for luxury hospitality and branded residences, with the project expected to set a new benchmark in the NCR. Gulshan Group said strong demand for luxury housing in Noida underpins the development. The Delhi-NCR-based developer has delivered over 10 residential and commercial projects so far. IHCL, part of the Tata Group founded by Jamsetji Tata, operates a portfolio of 620 hotels globally, including 255 under development.(With PTI inputs)
