India’s Taj and Nepal’s CG to build branded homes in SL

A subsidiary of India’s Tata Group, Indian Hotels Company Ltd, the operator of Taj Hotels and and Nepal’s Chaudhary Group are currently discussing the possibility of constructing branded homes, or luxury apartments, adjoining the Colombo-based Taj Samudra.

Chaudhary Group and Indian Hotels Company Ltd jointly operate three luxury hotels under the Taj brand in Sri Lanka and the Maldives, and are planning for two more in Nepal and Thailand.

Indian Hotels Company and the Chaudhary Group currently own 10 acres of land in Colombo facing the Galle Face Green, where some large-scale projects are coming up.

Since, the end of the 30-year armed conflict in 2009, Sri Lanka has become a hotspot for hospitality and real-estate investment among major international players, such as Hong Kong-based Shangri-La, India’s Krrish, and China’s Communication Construction Company.

According to an Indian news firm, the Chaudhary Group has entered into a preliminary agreement with the Indian Hotels Company to construct the residential project within the Taj Samudra premises.

The news firm also highlighted that discussions were being held over the use of the brand name Taj, in addition to the number of apartments and prices.

Indian Hotels Company has not disputed the possibility of such projects in Colombo, but has said that the firm was exploring and evaluating possible opportunities.

According to the news firm, the terms of development are likely to be finalized within the first quarter of this year and Chaudhary Group was likely to use the Taj brand for the project. (MA)