Praveg secures 30-year land lease for setting up luxury cave resort in Rajasthan

Praveg has announced the acquisition of a new land lease for the development of Cave Resort in Jawai, Rajasthan.

This new project will leverage the scenic beauty of Jawai with a one-of-a-kind luxury cave room structure.

Located in the scenic area of Jawai, Rajasthan, the new resort is on a lease term of 30 years. Praveg has been granted a 12-month rent-free period to facilitate the setup. The resort will feature a total of 20 units, including 12 luxury cave-type rooms and 8 elegant tents. Additional amenities include a swimming pool, a restaurant, and a bar, alongside offering unique safari experiences.

Pravegs Jawai Resort is designed to be a vibrant cultural hub, blending Rajasthani art, culture, dance, and cuisine with a global appeal. The resort aims to promote local artisans, craftsmen, and performers, creating a dynamic cultural atmosphere that leaves a lasting impression on visitors.

This expansion into Jawai is part of Pravegs broader strategy to increase its presence in the eco-luxury hospitality market. The company is currently operating 12 properties, and has 14 projects under development.

Vishnu Patel, chairman of Praveg, said: "Jawai is a place of incredible beauty and cultural significance, making it the perfect location for our newest venture. We are confident that once operational, this resort will not only achieve excellent average room rates and occupancy levels but will also offer guests a unique, culturally rich experience.

Praveg is a pioneer in eco-responsible luxury hospitality.

The company's consolidated net profit declined 29.93% to Rs 8.10 crore despite a 16.53% rise in sales to Rs 33.07 crore in Q3 FY24 as compared to Q3 FY23.

The scrip rose 0.93% to currently trade at Rs 915 on the BSE.

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