JMD Promoters to enter hospitality

GURGAON: JMD Promoters, one of India’s leading developers of commercial and office real estate, is all set to enter the hospitality business. The company is learnt to be in talks to get into a joint venture (JV) with international hotel chain Ramada group. In fact, the two companies have already signed an "in-principle" agreement and have started the construction of a five-star hotel in Gurgaon.

The property will be spread over 1.4 lakh square feet, and will also comprise service apartments and a retail area. By the end of this year, the group is likely to initiate a few more hospitality projects.

When contacted by ET, Rameet Trehan, vice-president, marketing and business development, JMD Promoters, said: "We are looking at the hospitality business as in important growth area for the future.

However, it’s too early to divulge details now. One thing for sure is that, we are not creating any land-bank for any of these projects, and will do the acquisition only when everything is final."

For JMD Promoters, an entry into the hospitality business is part of a larger diversification that the company seems to be looking at.

Commercial properties, malls and corporate office spaces currently form the core of the group’s business. However, JMD Promoters is now also foraying into residential projects and townships in a big way.

On the residential real estate front, the company is working on a 14 acre township on the Gurgaon-Sohna road. The 500 apartment township will comprise 3-bedroom and 4-bedroom flats and penthouses.

The company plans similar projects in Jaipur and Panipat. JMD has recently also got land allotment in Goa. The land has been alloted by the state government for building an IT park, to be converted into an SEZ.