Gurgaon-based real estate firm Vipul Limited, one of the leading real estate developers in the country, plans to invest Rs 80-100 crore in setting up a four-star business hotel in Bhubaneswar .
Vipul Limited had identified Bhubaneswar as one of the 5-6 strategic locations in the country where it intends to set up three-star and four-star business hotels.
Apart from Bhubaneswar, these business hotels are set to come up in the states of Punjab, West Bengal and Andhra Pradesh. Each of these business hotels would cost Rs 80-100 crore.
“We have identified two to three plots of land in Bhubaneswar, including one close to the airport for setting up a four-star business hotel. ]
The proposed hotel would come up on an area of 2-3 acres”, Punit Beriwala, managing director, Vipul Limited told Business Standard.
He declined to comment on the time-frame of setting up of the business hotel as the details were yet to be worked out.
Asked on the status of the residential cum commercial project being developed by Vipul in collaboration with the Orissa State Housing Board (OSHB), Beriwala said, “We are going to negotiate with the officials of the OSHB within 10-15 days.”
Vipul expected to commence construction work on the Rs 400-crore housing cum commercial project being taken up on the PPP (public private partnership) mode in association with the Orissa State Housing Board (OSHB) by the end of this year.
The PPP housing project is being developed on 18 acres of land at Patrapada on the outskirts of the city. While 15 acres would be earmarked for residential apartments, the remaining three acres would be devoted to commercial development.
Meanwhile, Vipul was also going ahead with its Rs 250-crore group housing project in the city being developed on 9.8 acres of land at Shankarpur mauja.
The entire project consisting of 578 apartments in 10 towers was scheduled for commissioning within four years.
Vipul's group housing project would offer a mix of 2 BR (bedroom), 3 BR and 4 BR apartments which would be priced at Rs 31 lakh, Rs 37 lakh and Rs 45 lakh respectively.
