13 Feb 2025

Brigade Hotel Ventures, a subsidiary of Brigade Enterprises, has received SEBI approval for its INR 900 crore IPO, marking a strategic push for growth in India's hospitality sector. The company operates nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, with 1,604 keys under global brands like Marriott, Accor, and IHG. Proceeds will fund expansion amid rising domestic travel demand. JM Financial and ICICI Securities are managing the offering. Brigade aims to strengthen its market presence and capitalize on favorable industry trends as the hospitality sector sees renewed momentum.Read more

06 Feb 2025

The Union Government has set a target of 20 lakh passengers traveling under the Udan scheme by FY26, backed by INR 540 crore in funding for airport revivals and viability gap funding. The Civil Aviation Ministry aims to revive 13 airports, launch 100 new routes, and operate 40,000 flights under the scheme, focusing on hilly areas and the North-East. Since its 2017 launch, Udan has carried 1.5 crore passengers across 619 routes, connecting 88 airports. The expanded version plans to add 120 new destinations over the next decade.Read more

04 Feb 2025

The Madhya Pradesh Tourism Board (MPTB) is seeking private investment to develop eco-tourism destinations, resorts, hotels, and wellness centres at 28 new land parcels and seven heritage properties in the state. The initiative, aimed at enhancing tourism infrastructure, spans across several regions including Mandsaur, Dhar, and Narsinghpur, among others. MPTB hopes to bolster the state's tourism sector by attracting investors to develop diverse locations, ranging from wildlife areas to hills and plains. Additionally, the board is considering the development of new wayside amenities, with 100 centres already operational and plans to add more.Read more

03 Feb 2025

A CBRE South Asia report highlights robust retail leasing in India, with 6.4 million sq. ft. leased in 2024 across top cities. Bengaluru, Hyderabad, and Delhi-NCR led absorption, while fashion, apparel, and D2C brands dominated demand. Foreign brands like Carrefour and AMIRI entered through local partnerships, boosting growth. The retail supply pipeline, including Grade A malls, is set to expand in 2025, driven by demand for mid-range fashion, athleisure, and luxury. Experiential retail, mixed-use developments, and quick-commerce platforms are gaining traction. The sector's growth depends on adapting to consumer expectations, market trends, and technology in the evolving retail landscape.Read more

30 Jan 2025

Retail space leasing in India's top eight cities fell by 10% in 2024, reaching 64 lakh sq ft compared to 71 lakh sq ft the previous year, according to CBRE. Despite the decline, experts foresee significant growth in 2025, with 50-60 lakh sq ft of Grade A malls set to open in Delhi-NCR, Mumbai, Bengaluru, and Hyderabad. While leasing in cities like Hyderabad and Chennai increased, others, including Delhi-NCR and Mumbai, saw declines. Mid-range fashion, athleisure, and jewellery segments continue to drive demand. Innovative retail strategies and evolving consumer experiences are expected to shape a strong revival in the sector.Read more

29 Jan 2025

Goa police recently uncovered a significant scam involving individuals posing as hotel operators and deceiving tourists through fraudulent listings on reputable booking platforms. Four people from Hyderabad and Jaipur were arrested for duping over 500 victims, resulting in a loss of several crores of rupees. The scam, which had been ongoing since 2022, involved listing non-existent properties on platforms like Booking.com and collecting advance payments. The police investigation revealed the criminals exploited booking platform loopholes to exploit unsuspecting tourists, mainly by convincing them to make immediate payments for non-existent villas.Read more

29 Jan 2025

Oyo has announced plans to expand its presence in India's religious tourism sector by adding 500 hotels across prominent pilgrimage destinations, including Ayodhya, Varanasi, Haridwar, and Puri, this year. This strategic move comes in response to the increasing demand for quality accommodations, driven by government initiatives such as the PRASHAD and Swadesh Darshan schemes. Ayodhya, emerging as a key spiritual tourism hub, will witness the addition of over 150 hotels. The initiative aligns with predictions that religious tourism will generate USD 59 billion in revenue by 2028 and create 140 million jobs by 2030.Read more

28 Jan 2025

The Enforcement Directorate (ED) has provisionally attached Hotel Trinetra Resorts and Hotel Green Orchid in Patnitop, Jammu and Kashmir, under the Prevention of Money Laundering Act (PMLA). Valued at INR 14.93 crore, the properties were allegedly constructed beyond legal limits on encroached land in restricted zones. The investigation stems from a CBI FIR, which accused hotel operators and Patnitop Development Authority (PDA) officials of regulatory violations and financial irregularities. The ED's action highlights systemic lapses and potential collusion, reinforcing its commitment to combating financial crimes and upholding zoning regulations in ecologically sensitive areas.Read more

27 Jan 2025

Mumbai's iconic Sea Rock Hotel, a landmark property with a rich history, will soon make a comeback as Taj Bandstand under the Indian Hotels Company Ltd. (IHCL). The construction of this luxury sea-facing property in Bandra is set to begin in the latter half of 2025, pending necessary approvals. This will mark IHCL's fifth luxury property in Mumbai, further solidifying its presence in the upscale hotel segment. The hotel's redevelopment comes after decades of setbacks, including legal disputes and environmental clearance hurdles.Read more

23 Jan 2025

The National Company Law Tribunal (NCLT) has ordered the liquidation of Tulip Hotels after it failed to secure a resolution plan during the Corporate Insolvency Resolution Process (CIRP), initiated by Yes Bank over an INR 900 crore default. Despite the statutory 180-day timeline, no bids were received, and the Committee of Creditors (CoC), led by J C Flowers Asset Reconstruction with a 70.83% voting share, opted against an extension. The Mumbai NCLT bench approved the liquidation on January 16, 2025, appointing a liquidator to oversee the process in compliance with the Insolvency and Bankruptcy Code (IBC) guidelines.Read more