Gulshan Group to invest Rs 1,000 crore to bring Taj Hotel, branded residences to Noida

Noida-based real estate developer Gulshan Group on Wednesday announced a partnership with Tata Group-owned Indian Hotels Company Ltd to invest Rs 1,000 crore to set up a Taj Hotel and Taj-branded services apartments in Noida.

This will be IHCL’s first luxury hotel in Noida, a suburb of Delhi, which doesn’t have any major five-star hotels, barring one.

While Gulshan Group will invest, IHCL will be the hospitality service provider.

The total revenue expected from the project is Rs 2,000 crore, says Gulshan Nagpal, chairman of Gulshan Group, adding that the group will partner with Taj for another such project, without sharing details.

For Taj, this is the second branded residence after Chennai. "This is the first of its kind in height and class. With branded residences, what we started as a journey in Chennai is finally coming to North India,” says Puneet Chhatwal, managing director and CEO, IHCL. “One white spot that was missing was Noida,” he added.

The project, which will be in Sector 129, Noida, along the expressway, is expected to be completed over the next five years.

The Taj-branded serviced apartments will span around 7,500 square feet. The realty firm has not announced the prices for apartments yet.

The 57-floor building will have a hotel as well as branded residences. It will feature a Taj hotel with 150 rooms and 74 Taj-branded serviced apartments. The hotel will offer an all-day dining restaurant, a bar, and two speciality restaurants. For conferences, the project will include an 8000 sq ft ballroom.

NCR has seen a string of branded residences of late. Global brands like Jacob & Co, Ellie Saab and Trump Towers, among others, have announced partnerships with an Indian developer in recent years.