Dharmadev Infra to foray into hospitals

After relaunching Gujarat's first and only revolving restaurant, Ahmedabad-based real estate developer Dharmadev Infrastructure Pvt. Ltd. is now planning to foray into hospitals.  The company, which runs hotels under the 'Neelkanth' brand, apart from developing residential and commercial properties, plans to develop a 100-bed hospital by next year.

Refusing to divulge investment details of the project, Umang Thakkar, chairman and managing director of Dharmadev Infrastructure said, "Apart from constructing residential properties and hotels, we are now foraying into hospitals.  On one hand we are scouting land for developing a hospital, on the other we are looking for potential partners.  We may also try to run the hospital on our own instead of entering a management tie-up with other players."

According to Thakkar, the company intends to develop the hospital, with 100-odd beds, within next two years.  "The company is currently expediting its Swaminarayan Park residential-cum-commercial properties project near Maninagar.  We intend to finish construction work of 1,600 residential and 200 commercial properties within the township in the next 18 months," said Thakkar.

At an investment of Rs 100 crore, the Swaminarayan Park project will offer residential properties in the range of Rs 15-30 lakhs.  Dharmadev Infrastructure, which constructs and manages hotels under the brand name of 'Neelkanth', is in the process of developing a 80-room budget hotel in Ahmedabad.  To be launched under the brand name of 'Neelkanth Grand', the budget hotel will also provide banquet and conference hall facilities.

While Dharmadev Infrastructure funds its projects through internal accruals, the company plans to foray into the capital market in next two years, Thakkar added.