Aurika Residences to invest Rs 100 crore to build hospitality project in Ayodhya, ET RealEstate
NEW DELHI: Realty firm Aurika Residences Pvt Ltd will invest Rs 100 crore to develop a hospitality project in Ayodhya, Uttar Pradesh. The company will develop 150 serviced suites as well as 16,500 square feet of retail space in its new project in Ayodhya.
“We are coming up with a hospitality project in Ayodhya. We will build 150 serviced suites to be managed by Best Western Hotels,” Aurika Group Founder and CEO Prasoon Chauhan told reporters.
The project, located on the revered 14 Koshi Parikrama Marg, has been designed to cater to the city’s booming religious tourism.
“We will complete this project in three years,” he said.
The total investment will be around Rs 100 crore, including land cost, Chauhan said. He said the company would sell around 100 suites while retaining the remaining. The retail spaces will be leased to retailers.
Chauhan said the company will fund this investment through internal accruals and bank loans. Noida-based Aurika Group is into housing, commercial and hospitality segments.
Chauhan said the company is looking for land in tier II cities across north India to expand business. The company is open to purchase the land parcel as well as form a Joint venture with land owners. He said there is a huge demand for housing in smaller cities.
