Hiranandani Constructions, an Indian real estate developer, is evaluating projects worth billions of dirhams in the burgeoning hospitality sector, with plans to open 5,000 fivestar hotel rooms, said a top company executive.
"We are evaluating the plan to build five-star hotels and a total of 5,000 hotel rooms," Darshan Hiranandani, the Chief Executive Officer of Hircon International, told Emirates Today.
"There could be five to 10 hotels, but we have not decided anything," he said, without disclosing the time frame set for the project.
Hiranandani has already launched a 36-room business hotel "Rodas" in the minitownship of Powai, which has been accorded the Ecotel certification. The Ecotel certification is awarded to a hotel if it complies with five norms set up by the Hospitality Valuation Services.
Moving a step ahead, the company plans to launch a "mega" project in Dubai by December. "We expect to launch a mega project in December. And from now on we will be launching a new project every quarter," he said.
After launching 23 Marina, which the company claims to be the world's tallest residential tower, Hiranandani will launch a high-end residential project in Business Bay worth Dh250 million.
The project will be a ground plus 20-storey tower, with each apartment of the project valued at Dh20m.
"The land transaction took place about a month ago and construction will commence from February next year." According to Hiranandani, the company is looking to increase its land bank in Dubai. However, it has no plans to raise funds through debt or sukuk, as its UAE projects are self-financed.The company is also looking at foraying into the healthcare and education sector, with plans to open hospitals and schools.
"We are at the evaluating stage and nothing as been finalised," he said.
Besides Dubai, the company is looking at special economic zones and townships in Mumbai, Jaipur, Ahmedabad and other Tier II cities, Indian press quoted Niranjan Hiranandani, the managing director, as saying.
Unlike DLF, which entered the capital markets this year, Hiranandani does not plan to list in stock exchange.
"We are not looking to enter the capital market for a year," he said. Hirco, one of their firms, has been listed in London's Alternative Investment Market and has raised $750m. (Dh2.7 billion).
By Parag Deulgaonkar
© Emirates Today 2007
