Leela group to venture into realty sector
Hotel Leela, the BSE- listed hospitality major, has entered into a realty joint venture with Bangalore-based Prestige Estates to develop 300,000 square feet of land.business Updated: Jul 28, 2011 21:19 IST
Hotel Leela, the BSE- listed hospitality major, has entered into a realty joint venture with Bangalore-based Prestige Estates to develop 300,000 square feet of land.
According to the people close to the development, this is the first project where Leela would be utilising its land bank for development and there could be a couple of other similar projects during the current financial year. High-end residential project is expected to come up on the land.
An official spokesperson with Leela Group confirmed the development. “Of the 3 lakh sq ft area, Hotel Leela’s share would be 1.2 lakh sq ft. The project would take about 42 months to complete and the company expects to realise about R150 crore within next four years,” said a Leela Hotel official.
A person involved in the deal told HT, “The land is next to the hotel in Bangalore. Leela is also exploring to develop similar land parcels in Hyderabad and Pune.”