Construction of sixth Taj Hotel in Goa to begin in September, to cost ₹300 crore
Bharat Realty Venture Pvt Ltd (BRVPL) said on August 2 that the construction of the sixth Taj Hotel in North Goa’s Anjuna area will begin from next month and will be completed in the next three years by September 2027. The 170-key sea-view hotel will be constructed on a land parcel spread across 17 acres and cost ₹300 crore, the company said in a statement.
“GTDC handed over the vacant site in April 2024, and construction will begin in September 2024. The construction is expected to be completed in the next three years by September 2027. This will be the sixth Taj Hotel in Goa,” said the company statement.
The company in July 2024 had announced its partnership with The Indian Hotels Company Limited (IHCL) operating under the Taj brand by signing a management contract for operating the facility. BRVPL has said it has entered into a 60-year lease with Goa Tourism Development Corporation (GTDC) for the land parcel.
“Bharat will have to build the hotel at their own cost and operate the facility for which they have paid an upfront fee of ₹35 crore to GTDC and shall pay 5% of the gross top-line revenues to GTDC,” the company said in the statement on August 2.
The property has an unobstructed view of the Arabian sea. “This property will showcase North Goa’s largest dining area with outdoor grounds, perfect for social gatherings and weddings. This partnership promises to redefine luxury and elevate the hospitality experience in one of India’s most sought-after destinations,” said the company.
“This partnership was our first in the hospitality sector, underscoring our shared vision of delivering exceptional hospitality experiences and contributing to Goa’s tourism landscape. This hotel will offer a new luxury destination for travellers,” said Dhaval Barot, MD and CEO of Bharat Realty Venture Pvt Ltd.
Apart from the hospitality sector venture in Goa, BRVPL is involved in construction of luxury residential projects in Mumbai. The company has a presence in areas like Andheri, Vile Parle, Thane.
Goa real estate market
Delhi-NCR-based listed real estate developer DLF is expected to launch 62 ultra luxury villas in Goa priced between ₹40 crore and ₹50 crore in the second half of the financial year 2024-2025, company sources had told HT.com
The luxury villa project is located on a hill named Reis Mago in Goa which is around 32 km away from the Goa International Airport in Dabolim.
As per Sotheby’s International Realty (ISIR)’s Luxury Outlook Survey 2024, around 35 percent of holiday home buyers preferred Goa as a second home destination, which highlights Goa’s appeal among India’s wealthy.
Goa was recently also featured on the second spot with 90% appreciation in launch prices of residential units in the second home destination over the last five years, a report released .
