Ascott Group Enters Into Hyderabad Real Estate

The Ascott Group (Ascott) has acquired its first serviced residence with more than two hundred units in Ahmedabad. The investment is a joint venture with The Rattha Group (Rattha), a company in the field of exports, infrastructure development and leasing. Ascott has invested more than two hundred fifty million rupees for the project and will take a 40 percent stake in the joint venture, with Rattha holding the remaining. With the latest addition, Ascott’s portfolio in India grows to 1,398 units across six properties which are currently under development.

Ms Jennie Chua, Ascott’s President & CEO said, “Citadines Ahmedabad Parimal Garden marks our entry into West India and extends our footprint beyond the southern cities of Bangalore, Chennai and Hyderabad“.

One Comment

  1. Posted May 15, 2008 at 5:14 am | Permalink

    Hyderabad is developing very fast.that is the only reason it is a center point for investors.
    For the new-age green consumer and those who believe in sustainable tourism here is a good news. After eco-friendly hotels, India will have it’s first green hotel — The Park Hotel in Hyderabad. The investment in this 280-room hotel, scheduled to start operations by mid-2009, will be around Rs 350 crore, 15% higher than a regular hotel. And it might not be a good idea for smokers to book a room in the hotel as 90% of it’s area will be non-smoking.

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