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Apeejay Surrendra Park Hotels Ltd is expecting to generate around INR 350 crore from a serviced residence project on EM Bypass in Kolkata, which will be used to fund the construction of a new luxury hotel in the city. The mixed-use development is being undertaken in partnership with Ambuja Neotia Group and marks the first collaboration between the two Kolkata-based groups. Spread across 3.35 acres of land owned by Apeejay Surrendra Park Hotels, the project will comprise a 69-unit serviced residence development alongside a 218-key luxury hotel. Both components are targeted for completion by 2030. Company executives said the residential monetisation strategy would help reduce the capital burden associated with developing large hotel assets in premium urban locations.
Apeejay Surrendra Park Hotels Ltd has outlined plans to monetise a serviced residence development on EM Bypass in Kolkata, with the proceeds earmarked to finance the construction of a new luxury hotel on the same site. Advertisement
The hospitality company expects the 69-unit serviced residence project to generate approximately INR 350 crore in revenue. According to the management, these funds will be deployed towards developing a 218-key luxury hotel, allowing the group to partially offset the capital-intensive nature of hotel construction in a prime urban corridor.
The mixed-use development is being undertaken in collaboration with Ambuja Neotia Group and represents the first joint project between the two Kolkata-headquartered groups, both of which have had a long-standing presence in the city's hospitality and real estate markets.
The project is planned on a 3.35-acre land parcel owned by Apeejay Surrendra Park Hotels. Of the total site area, 51 per cent has been earmarked for the hotel component, while the remaining portion will be utilised for the serviced residences. Both developments are scheduled to be completed by 2030.
Park Hotels Managing Director Vijay Dewan said the project would be the group's first mixed-use development of this scale. He indicated that monetising the residential component would support the creation of the adjoining hotel asset, and added that the company could consider similar integrated developments in other markets over time.
Company officials said Ambuja Neotia was selected as the development partner due to its experience in delivering architecturally distinctive real estate projects in eastern India. The residential portion of the project, branded as The Park Unizen, will comprise two blocks with a total construction area of around 7.52 lakh sq ft. Of this, the serviced residences will account for approximately 3.71 lakh sq ft.
Harshavardhan Neotia said early market response had been encouraging, with 25 of the 35 apartments in the first block already booked, indicating demand for premium serviced living formats in the corridor.
The adjoining hotel, positioned in the luxury segment, is planned to include banquet facilities, multiple food and beverage offerings and wellness amenities, catering to both business and leisure travellers.
Industry executives said such integrated hospitality-led developments allow companies to unlock the underlying value of large land parcels while reducing balance sheet pressure. This approach has become increasingly relevant as construction costs and financing expenses remain elevated, particularly for luxury hotel projects in established urban markets.
The twin developments are expected to further consolidate EM Bypass's position as a key hospitality and residential growth corridor within Kolkata's expanding urban landscape.
Source - PTI
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