Supreme Holdings and Hospitality (India) Ltd has opted out of building a five-star hotel on six acres of land it owned in the eastern part of Pune and decided to instead build a residential project on the same plot. The company had originally planned to build the Intercontinental there.
The just announced Rs 370-crore project christened Belmac Residences involves phase-wise construction of a total of 240 premium residential units, and marks the entry of the VK Jatia group company in the residential real estate space.
Asserting that the project had all the necessary approvals in place and building of underground parking had already been completed, Prateek Jatia, ED, Belmac, said, “In the first phase we are launching two 15-floor towers (of six planned) with an investment of Rs 60 crore.”
This translates into 90 units of two and three bedroom, hall, kitchen apartments ranging1400-2000 sq ft in size and coming at an all-inclusive price tag of Rs 1.22 crore to Rs 2 crore. In addition to amenities, amongst the highlights of the project which is located off the Pune-Ahmednagar highway is a hydroponics farm and day care centre.
The project, which has approval from SBI, HDFC and Axis banks, has also tied up construction finance of Rs 120 crore from the Oriental Bank of Commerce, said Jatia, adding that Belmac was also RERA complaint.
The change in use of the land comes on the back of the much higher payback period of a hotel, as well as a glut of recently launched five star hotels in this part of the city.
Supreme Holdings has another residential project in the pipeline in the CIDCO-planned Navi Mumbai Airport Influence Notified Area (NAINA).
“We have a 45-acre land parcel and we plan to build homes ranging from Rs 40 lakh to Rs 75 lakh,” Jatia said, adding that the company was awaiting clarity of the final development plan.