Hotel Talk

SCS to develop Mumbai's first condo hotel in Neral

Gayatri Vijaykumar - Mumbai

Australia-based engineering and construction company, Sterling Construction Systems (SCS), has announced its entry into the country with Tuscany Terraces - a three-star resort and weekend homes project based on the condotel resort model.

One of the three projects being developed by SCS in Neral, Maharashtra, Tuscany Terraces is due to be launched in October this year. Depending on the success of this project, the company will eye similar developments in other parts of the country.

While condotels are popular internationally, it is yet to be seen how popular the model will be in India. According to Harinder Bhalla, VP (Sales & Marketing) of SCS, the market for vacation homes is huge. "We have found that nearly two lakh people are looking to invest in good projects around Mumbai and are ready with funds," he said. SCS has entered into a partnership with Best Western International to manage the resort. According to Bhalla, each condotel unit owner will get 30 room nights and an exit option after five years. Spread over 2,00,000 sq feet, Tuscany Terraces will be developed at an investment of Rs 60 crore and will be priced at a starting price of Rs 20 lakh.

The other two developments include the mid-market Harvest Hills located about seven kilometres from Tuscany Terraces. "We will be setting up independent villas and are also looking at developing a four- or five-star hotel at Harvest Hills," reveals Bhalla. At the higher end will be Great Maratha Golf Estates, which will be developed with a tentative investment of Rs 1,700 crore in Karjat for which the company has tied up with Hyatt International. Prices for each unit will start from Rs two crore. The USP of Great Maratha Golf Estates will be an 18-hole Greg Norman-designed PGA golf course.