PVR INOX seeks INR 4.5 crore in arbitration over sealed multiplex at Ansal Plaza
Author : PNT Bureau
The Delhi High Court intervenes in a dispute between PVR INOX and Ansal Plaza Mall, Greater Noida, following the sealing of PVR INOX's multiplex due to unpaid dues by the mall's lessor. PVR INOX claims significant losses from the closure on July 23, 2022, and seeks INR 4.5 crore, covering its security deposit and lost revenue. Justice C. Hari Shankar appointed an arbitrator to resolve the issue, underscoring the court's role in commercial dispute resolution and the broader implications for lease agreements in India's retail and entertainment sectors....
Dubai based Atmosphere Living to invest INR 550 crore in Mussoorie villas and hotel project
Author : PNT Bureau
Atmosphere Living, based in Dubai, has committed INR 550 crore to develop villas and a hotel in Mussoorie and plans further projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, with international expansion goals. CEO Sandeep Ahuja highlighted that INR 150 crore has already been invested in the 11.5-acre Mussoorie project, featuring a 100-key hotel, 70 villas, 90 apartments, and 12 ultra-luxury residences. The company, part of Atmosphere Core, offers an option for investors to lease homes back for rental income. Atmosphere Living aims to redefine the second home market with high-end, well-managed properties across South Asia....
Elan Group partners with CBRE to manage Gurugram malls in INR 7.5 crore annual deal
Author : PNT Bureau
Elan Group has teamed up with global real estate leader CBRE to manage its four malls in Gurugram: Elan Epic, Elan Town Centre, Elan Miracle, and Elan Mercado. This INR 7.5 crore annual contract aims to enhance customer experiences and operational efficiency. CBRE will bring its expertise in property management to optimise mall operations, implement best practices, and drive tenant satisfaction. Elan Group's Senior VP, Pooja Patti, expressed excitement about the partnership, while CBRE's Rajesh Pandit highlighted the importance of professional facility management in maintaining the value and appeal of real estate assets....
Shoppers Stop Ltd. reported a net loss of INR 22.72 crore for the June 2024 quarter, attributed to weakened consumer spending amid heat waves, elections, and inflation. This loss underscores broader challenges for the Indian retail sector, impacting real estate dynamics. Retail chains' struggles may lead to increased vacancies and rental concessions in malls and high-street locations. Shoppers Stop's strategy to close underperforming stores and focus on premiumization could shift demand towards high-traffic, affluent areas, impacting real estate needs. This situation prompts landlords and retailers to adapt to evolving consumer preferences and market conditions....
New retail chain Broadway to launch with over 100 D2C brands in Delhi, Hyderabad and Mumbai
Author : PNT Bureau
Vivek Biyani, along with actor Rana Daggubati, Apurva Salarpuria of the Salarpuria Group, and Anuj Kejriwal of Anarock, are launching Broadway, a new retail chain that bridges the gap between online direct-to-consumer (D2C) brands and physical retail. Broadway stores will feature over 100 Indian D2C brands and aims to create a unique shopping experience with interactive zones and community spaces. The first store will open in Delhi this August, with plans for Hyderabad and Mumbai in 2024 and 2025. Broadway aims to redefine the retail landscape in India....
Five-star hotels in Delhi contest ground rent hike with notices exceeding INR 240 crore
Author : PNT Bureau
The Union Government has increased the annual ground rent for land leased to several major five-star hotels in New Delhi to crores of rupees. The Imperial and Claridges hotels are fighting the verdict in the Delhi High Court. The Land and Development Office (L&DO) issued demand notices for INR 177.29 crore for The Imperial and INR 69.37 crore for The Claridges, calculated at a 5% rate of the property value. Both hotels argue that the adjustments are arbitrary and retrospective. The court has ordered hearings before finalising the ground rent, with additional hearings set for July....
Bata India expands with 500th franchise store, aims to grow in tier 3-5 cities
Author : PNT Bureau
Bata India, a leader in footwear, celebrates its 500th franchise store, highlighting its growth strategy in tier 3-5 cities. With over 1,860 stores nationwide, the brand leverages its strong franchise model to expand into smaller markets. The move responds to growing consumer demand for branded footwear and digital convenience. Bata's focus on premiumisation includes specialised stores like the Power Brand store for fitness enthusiasts, adapting retail strategies to local market dynamics. Despite economic uncertainties, Bata remains optimistic, driven by rising disposable incomes and evolving fashion trends. The milestone highlights Bata's resilience and strategic foresight in India's competitive footwear landscape....
IHCL to open new 170-key Taj Hotel in Anjuna, North Goa
Author : PNT Bureau
Travellers seeking luxury in Goa will soon have a new option. The Indian Hotels Company Limited (IHCL), known for its Taj Hotels, is partnering with Bharat Realty Venture to build a 170-key Taj property on 17 acres of beachfront land in Anjuna, North Goa. This will be IHCL's sixth Taj Hotel in Goa, offering spacious accommodations with breathtaking views of the Arabian Sea. The resort will feature diverse culinary options, a J Wellness Circle spa, and North Goa's largest dining area with outdoor grounds, ideal for social gatherings and weddings. This addition marks a significant milestone for Goa's vibrant hospitality scene....
Lords Hotels & Resorts expands with Lords Eco Inn in Purulia, West Bengal
Author : PNT Bureau
Lords Hotels & Resorts is set to open Lords Eco Inn Purulia, West Bengal, in early 2025, marking a significant milestone in their expansion for 2024. This new property caters to the rising demand for sustainable travel, featuring eco-friendly practices and amenities such as a restaurant, rooftop lounge, and two banquet halls accommodating up to 200 guests each. Located 250 kilometres from Kolkata, the hotel will serve as a comfortable base for exploring Purulia's historical and natural attractions. This move aligns with Lords' goal to establish over 100 properties in India within the next three years....
Whiteland Corporation and Marriott to launch India's first standalone Westin Residences in Gurugram
Author : PNT Bureau
Whiteland Corporation has partnered with Marriott International to develop "Westin Residences Gurugram," the first standalone Westin Residences in India. Situated on a 20-acre site along Dwarka Expressway in Sector 103, Gurugram, the project will offer approximately 674 luxury units in its first phase, launching in Q2 of the current financial year. The total investment for the project exceeds INR 5,000 crore, with an estimated sales value of over INR 15,000 crore. Homes will range from 235 to 386 sqm, with prices starting around INR 5 crore. This landmark project, managed by Marriott, aims to redefine luxury living in Gurugram....
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