Manglam Group, one of the biggies in real estate and infrastructure has laid down very aggressive targets to scale up its hospitality footprint majorly with an investment of Rs. 1000 crore.
The move being a part of the group’s strategy to diversify and take advantage of the nascent tourism and hospitality space in Delhi region.
A major investment will go towards constructing new hotels, resorts and perhaps more hospitality ventures in NCR, its sources say. Group wants to serve a vast palate ranging from business traveller and tourist to leisure, luxury service. This has opened multiple employment avenues in the region and will even contribute to economic vibrancy too.
Further specifics on the exact sites and types of properties being targeted will not be fully disclosed, however Manglam Group sources say are focussed on building top shelf modern hospitality infrastructure that meets top international benchmarks. As per the unconfirmed, a part of the hospitality verticals that are being looked at by the group includes the upscale hotel, boutique and also possibly serviced apartments to cater to different market hunger.
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The manglam group put forth a substantial investment to suggest that there is rising faith in the recovery and future growth of culinary in India especially for a main city like Delhi. The city is a major hub for both domestic and business/ tourism international visitors creating a steady need in the market for quality accommodations along with related services.
As the hospitality sector is just resurging from a pandemic-coma, the group’s move to add size to its hospitality franchise is not unlike such a resurgent industry. The hospitality landscape is undergoing an upswing due to increasingly burgeoning travel and tourism coupled with increased requirement of hospitality outlets that can cater the increased demand.
Manglam has also taken the right strategic move to ride this trend. In addition, the expansion may have the advantage of learning from and synergizing talents in real estate development planning and execution if past work of these groups are utilized for the hospitality pieces.
The reputation and financial fortitude of the group is expected to ensure smooth execution, as per industry analysts as these futuristic goals are very much well within the group’s established tradition.
Analysts in the industry consider this a positive change of heart, reflecting high hopes for the future of hospitality in the NCR given. One expects the inkling of such large scale investment will not only improve hospitality infrastructure but will also add to wider economic development of that locale n terms of bringing multiple investments and a vibrant tourism eco system.
The entry into this segment by Manglam Group is a clear example of their ambition for growth
and diversification in the rapidly- expanding Indian market.
