House of Patels Group chairman has told that he has plans to develop luxury project in India. The group plans to develop a residential or hotel project in collaboration with Ritz Carlton.
House of Patels Group, Dubai based real estate group, plans to develop a luxury residential or hotel project in India. Commenting on the plan, the group chairman Asgar Patel said that he plans to develop the project in the land which he owns in India.
Ritz Carlton Likely to Manage the Indian project of House of Patels Group.
Asgar Patel owns land in India. Now he mulls over converting this waterfront land to either residential or hotel project.
Recently the House of Patels Group has invested $630 million in a mixed-use project in Bangkok. The tower once completed in 2015 is expected to be the tallest in the country.
Asgar Patel is ranked by Arabian Business magazine among one of the most powerful and richest Indians in the Gulf. He has recently invested in Thailand too.
Though his $100 million investment is used for developing two projects, a major share of the investment will be in MahaNakhon Tower project. He owns $16.25 million worth two penthouses in this project. Besides he also owns around five residential apartments here.
House of Patels Group plans to develop luxury project in India.
MahaNakhon Tower, developed by Pace Development, has 150 hotel rooms and 194 serviced apartments. While hotel rooms are managed by Marriott International, the serviced apartments are managed by Ritz Carlton, an international hotel chain.
House of Patels Group holds exclusive rights to sell the Ritz Carlton residences.
Mr. Patel, impressed with MahaNakhon Tower project, has approached Ritz Carlton for developing similar project in India where he owns land. His land is in Kerala. House of Patels Group is already developing residential project in Pune. Under the project 250 apartments will be developed.
Though Patel has expressed his interest and Ritz Carlton has not expressed their interest. The international hotel chain declined to comment on the issue.