Dubai-based developer Atmosphere Living is making a major foray into India, with plans to set up projects in the residential real estate and hospitality sectors.
The company has reportedly struck a joint development agreement with an Indian entity to develop villas and a hotel in Mussoorie, a popular hill station in the North Indian state of Uttarakhand, envisaging an investment of $65 million (INR 5.50 billion).
The Dubai company also plans to develop holiday home projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, The Economic Times (ET) reported, citing the chief executive officer of the company.
Atmosphere Living CEO Sandeep Ahuja said the company intends to do 4-5 projects in the next 12 months.
The Dubai company’s Mussoorie project spans 11.5 acres and will feature a 100-key hotel, 70 villas, 90 apartments and 12 ultra-luxury residences.
While the company plans to sell and lease back the villas, the apartments will be managed by its proposed hotel.
“We believe there is a big market for second homes and there is a need for organised development.
“We are in talks for more tie-ups and hope to start the work at other locations as well,” ET quoted Ahuja as saying.
Atmosphere Living is part of the Atmosphere Core portfolio, which runs resorts in the Maldives, besides building properties in Dubai and Sri Lanka. The group also plans to operate branded ultra-luxury serviced homes across South Asia.
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