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.
Dubai-based Atmosphere Living has entered into a joint development agreement to create villas and a hotel in Mussoorie, with an investment of INR 550 crore, according to a senior executive. The company also plans to develop holiday home projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, with ambitions to expand to international destinations.
Sandeep Ahuja, the CEO of Atmosphere Living, stated that they had already raised nearly INR 500 crore and intended to undertake 4-5 projects in the next 12 months. He mentioned that they had already invested INR 150 crore in equity for the Mussoorie project and that construction had commenced.
The Mussoorie development, spread over 11.5 acres, will feature a 100-key hotel, 70 villas that the company plans to sell and then lease back, 90 apartments that will be managed by the hotel, and 12 ultra-luxury residences. Ahuja believes there was a significant market and added that the company was currently in discussions for additional tie-ups in other locations in India.
Atmosphere Living is part of the Atmosphere Core portfolio, which operates resorts in the Maldives and has plans to expand its portfolio. The group aims to run branded ultra-luxury serviced homes across South Asia. Additionally, the group is constructing properties in Dubai and Sri Lanka. Within the second home market, Atmosphere Living offers an additional investment opportunity where investors can lease the homes back to the company, enabling them to rent out the properties and generate income.
This approach to second homes is seen as a strategic move to cater to the growing demand for high-end, well-managed holiday properties. The company's development in Mussoorie is particularly noteworthy due to its scale and the combination of hotel, villa, and apartment offerings. This project aims to cater to various segments of the market, from luxury seekers to investors looking for a reliable income stream.
Atmosphere Living's future projects in Goa, Lonavala, Himachal Pradesh, and Jaipur are expected to follow a similar model, blending residential and hospitality elements to create unique investment opportunities. The company's focus on high-quality, branded developments is anticipated to set a new standard in the second home market in India and beyond.
As Atmosphere Living moves forward with its plans, the real estate market in the targeted regions is expected to see increased activity and interest from both domestic and international buyers. The company's innovative approach to second homes and its emphasis on quality and brand reputation are likely to attract discerning investors and homebuyers looking for premium properties.
In summary, Atmosphere Living's entry into the Indian second home market with a significant investment in Mussoorie and plans for further projects across the country and internationally reflects its ambitious growth strategy. By offering a mix of luxury residences, managed apartments, and hotel facilities, the company aims to redefine the concept of second homes, providing both lifestyle and investment opportunities.
Advertisement
Facebook
Whatsapp
