In Downtown Delhi, BI Group & Oberoi Hotels Launching 19 Serviced Apartments

Date:

The Oberoi Group is a premium hotel conglomerate based in Delhi. The company, which was founded in 1934, owns and manages 31 luxury hotels and two river cruise ships in five countries under the Oberoi Hotels & Resorts and Trident brands. It began in 1934, when the group’s founder, Rai Bahadur Mohan Singh Oberoi, purchased two properties: the Maidens in Delhi and the Clarke’s in Shimla. Oberoi, with the help of his two sons, Tilak Raj Singh Oberoi and Prithvi Raj Singh Oberoi (P.R.S. Oberoi), continued to expand their group with assets both in India and abroad in the following years. As part of the 2008 Mumbai attacks, two Lashkar-e-Taiba terrorists, Fahadullah and Abdul Rehman, targeted Hotel Trident-Oberoi on November 26, 2008. During the three-day siege, 32 employees and visitors were killed.

EIH Ltd and EIH Associated Hotels are The Oberoi Group’s two principal holding entities (formerly East India Hotels). [6] The Oberoi Group’s current chairman is P.R.S. Oberoi. At the holding firms, his son, Vikramjit Singh Oberoi, and nephew, Arjun Singh Oberoi, both serve as Joint Managing Directors. With a 32.11 percent interest in EIH Ltd, the Oberoi family is the main shareholder. [ITC Limited], a tobacco-to-hotels conglomerate, owns a 14.98 percent stake in EIH Ltd. The Oberoi family sold a 14.12 percent share in EIH Ltd. to Mukesh Ambani’s Reliance Industries Investment and Holding Pvt Ltd to stave off pressure from ITC Ltd., whose holding is dangerously near to the automatic open offer trigger at 15%.

The stake sale took place on August 30, 2010, for Rs. 1,021 crores, valuing EIH Ltd. at Rs. 7,200 crores. Reliance Industries’ share in ITC was recently increased to 20%, bringing the total ownership in the company to 20%. The firm now operates 33 luxury hotels under the Oberoi Hotels & Resorts brand, as well as 10 five-star properties under the Trident Hotels brand. The Clarkes Hotel in Shimla and the Maidens Hotel in Delhi are also part of the company. These two hotels, however, are not part of the Trident or Oberoi brands. The Clarkes Hotel reopened on September 16, 2012, after being temporarily closed due to development in the environmentally sensitive area causing its grounds to cave in.

The BI Group, located in Delhi, has collaborated with Oberoi Hotels & Resorts to offer 19 ultra-luxury properties in central Delhi, with prices ranging from Rs 20 to Rs 48 crore, indicating that demand for ultra-luxury real estate is recovering. Trident Residences will be the capital’s first of its kind. According to BI Group chairman Shashank Bhagat, apartment sizes will vary from 4000 to 8000 square feet. According to him, the company’s land investment is close to Rs 150 crore, and the building cost will be around Rs 100 crore. The three-block flats are close to the Delhi Golf Club and Lodi Gardens.

“The smallest apartments are approximately 4000, 4300, and 4700 square feet (super size), whereas penthouses are approximately 8000 square feet. The cheapest apartments cost around Rs 20 crore, while the most expensive penthouses cost Rs 48 crore. He added, “Those were the first ones to sell.” Bhagat stated that the premium homes will be ready by the third quarter of 2023. In addition to the location, the homes are managed by a hotel chain. “We sought to make a housing product for anyone who wished to buy a flat at Jorbagh Golf Links.” To compete, we needed to provide a lifestyle and services that only a hotel brand could provide,” he explained.

Concierge services, a rooftop lounge with a television, a private meeting room, residents’ lounges, a gym, and terraced gardens are among the amenities available. Residents at The Oberoi, New Delhi, can also take advantage of amenities such as priority bookings at award-winning restaurants and bars, business centre reservations, and salon services. Architecture Discipline will design the Trident Residences. The project was not started until the structures were complete, according to Bhagat. “We decided to hold off on launching the idea until we were ready. A year ago, we got our RERA (Real Estate Regulatory Authority) registration. Two of the three structures are complete, and interior construction has begun.”

Similar homes are also being planned by the BI Group in Goa and Bengaluru. The corporation has purchased land in Goa but is unsure what product mix it would introduce in Nerul. Land is continually being acquired in Bengaluru. According to him, the company intends to build a villa project in Nandi Hills. “The opening of these branded houses in the centre of the capital is a signal that ultra luxury is once again in demand.” “Those looking to buy property in the Golf Course, Jor Bagh, and Malcha Marg areas are clearly looking for something more, especially in terms of unmatched amenities,” said Rohit Chopra of Southdelhiprime.com, adding that it will also alleviate concerns most high net worth individuals have about their neighbours and who will manage common areas, among other things.

Share post:

Subscribe

Popular

More like this
Related

Lumpy skin disease is killing thousands of cows across India.

Lumpy skin disease caused by the lumpy virus is...

What is copywriting and how it can supercharge your sales with words

The headline of this article is not like other...

Tata motors Durga puja TVC touches all the right emotions. Plus the new Electic vehicle by Tata motors.

As the festive season approaches a lot of companies...