Real estate firm Gulshan Group has announced a significant investment of 1,000 crore to develop a Taj-branded hotel and luxury residences in Noida. This project, named Skyscape, marks a major partnership with Indian Hotels Company Ltd (IHCL). Located in Sector 129 along the Noida Expressway, the development will feature a high-end hotel and exclusive serviced apartments, aiming to redefine the luxury landscape in the region.
Key Features of the Skyscape Project
- The development will stand 57 storeys high, making it the tallest Taj Hotel property in India.
- It will include a 150-key luxury hotel along with 74 Taj-branded serviced apartments and a single penthouse.
- Each serviced apartment will cover approximately 7,500 sq ft, offering massive living spaces for residents.
- The hotel facilities are set to include an 8,000 sq ft ballroom, two specialty restaurants, a bar, and an all-day dining area.
- Construction has already started and the entire project is expected to be finished by 2031.
Investment Details and Market Impact
Gulshan Group is spending 1,000 crore on this venture, with expected revenues from apartment sales exceeding 2,000 crore. The funding for this massive project comes from internal accruals, bank loans, and sales collections. While official prices are not out, market reports suggest these apartments are selling for 35 to 40 crore each. The project targets high-net-worth individuals, including corporate leaders and residents from South Delhi looking for premium upgrades. The penthouse and the hotel itself will be kept by the developer and are not available for sale to the public.
