Vikram Puri has acquired hotel in Goa for 60 crore
Sun Estates' managing director, Suraj Morajkar, mentioned that the company was in the process of constructing a boutique hotel when Puri approached them with an offer to buy it. After receiving the right offer, they decided to sell the property and plan to develop and sell similar properties to suitable hoteliers. Morajkar has been involved in establishing one of Hilton Group's first resorts in Goa and developing villas for several celebrities, including Neha Dhupia, Chunkey Pandey, Yuvraj Singh, designer Ritu Kumar, Eicher Motors managing director Vikram Lal, Ronit Roy and Jackie Shroff.
Morajkar, a representative of Sun Estates, states that they have strategically purchased land in the right locations, and the development of their projects depends on timing. Their luxury living offerings are suitable for everyone in the market for high-end properties in Goa. Sun Estates has ongoing projects in various areas across North Goa, such as Candolim, Saipem, Nerul, Pilerne, Assagao, Morjim, and Batim. Despite the recent pandemic, there has been a significant rise in demand for holiday homes and hotels. Aditya Kushwaha, the CEO of Axis Corp, predicts that their projects, Axis Blues, Axis Yog Villas, and Axis Lake City Avenue in Goa, will experience a sales increase of at least 30% compared to last year due to the recent surge in demand.
The hospitality industry in India is currently valued at $23.50 billion and is expected to grow at a compound annual growth rate of 4.73%, reaching $29.61 billion by 2028. Hidden Hotel Transactions in India, hotel transactions in India saw a staggering 140% year-on-year increase from January to June 2023, reaching $175 million. In contrast, the entire hospitality sector registered a total deal volume of $73 million throughout 2022, as per JLL’s Hotel Investment Trends report for H1 2023.