IHCL launches Taj-branded residences in Chennai
Indian Hotels Company Ltd has announced the first-ever homes to be sold under the Taj branding anywhere in the world. Taj Sky View Hotel & Residences, presently under construction in Chennai, will see IHCL join hands with city-based real estate developer, Ampa Group, to to launch 253 hotel rooms and 123 branded apartments. The project is expected to be completed early 2027, between January and March.
The developer will fund the project while IHCL will run operations of the entire property for a period of 30 years, including maintenance of the 123 homes on site. The project’s construction cost is estimated to be Rs.800 crore, of which Ampa has already invested Rs.200 crore.
“Ampa’s land bank is a family heirloom, and I believe the project will be a win-win for IHCL and us,” said Ampa Palaniappan, Chairman and MD of the Ampa Group, “The sale of residences will fund the operations of the hotel in what will become a cash-flow-neutral project.” He added, “The idea is to have a debt-free hotel, which is apt for a debt-free company like IHCL.”
According to the Ampa Group, homes at Taj Sky View will begin at Rs.6.5 crore for a unit size of approximately 2,500 square feet. The largest unit will lie in the 5,900-sq-ft range, and could cost upwards of Rs.19 crore. “We expect the hotel to be completed and operational first, after which the residences will be completed,” Palaniappan said.
While IHCL has not confirmed other branded residential developments in the pipeline, Chhatwal hinted at more such projects seeing the light of day as Taj Sky View inches towards completion. “We are not in a hurry to sign more branded residences in other cities,” said Chhatwal, “We will ink other agreements and finalize more projects as this one comes up.”
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