Dubai co inks deal to jointly build hotel, villas in Mussoorie

New Delhi: Dubai-based Atmosphere Living has entered into a joint development agreement to develop villas and a hotel in Mussoorie with an investment of Rs 550 crore, a senior executive said. The company also plans to develop holiday home projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, with further expansion to international destinations.

"We have already raised almost Rs 500 crore and intend to do 4-5 projects in the next 12 months. We have already put Rs 150 crore equity in the Mussoorie project, and work has started," said CEO Sandeep Ahuja.

The Mussoorie project spans 11.5 acres and will feature a 100-key hotel, 70 villas (which the company will sell and lease back), 90 apartments (which will be managed by the hotel), and 12 ultra-luxury residences. "We believe there is a big market for second homes and there is a need for organised development. We are in talks for more tie-ups and hope to start the work at other locations as well," Ahuja said.


Atmosphere Living is part of the Atmosphere Core portfolio, which runs resorts in the Maldives and plans to expand the portfolio. The group plans to operate branded ultra-luxury serviced homes across South Asia.

The group is also building properties in Dubai and Sri Lanka.

Within the second home space, the company has an additional offering for investors where they can lease the homes back to the company to rent them out and generate income from the same.