City Lights

InterContinental Hotels Group IHG plans to operate 45 new hotels in India.

IHG plans 45 new hotels

NEW DELHI: InterContinental Hotels Group IHG plans to operate 45 new hotels in India by 2015,taking its total capacity in the country to around 10,000 rooms. IHG,which is worlds largest hotel group by number of rooms,operates 12 hotels in India at present. In its existing properties,it has around 3,000 rooms,said managing director,IHG Aisa Australasia Jan Smits on Thursday. As part of its expansion IHG also announced the launch of its mid-scale hotel brand,Holiday Inn Express in India with the signing management contracts for six new under-construction hotels with Noida-based real estate developer Amrapali Group.

M3M India to invest 1.2 bn

NEW DELHI: Realty firm M3M India said it will invest about 1.2 billion over Rs 5,300 crore to develop a luxury housing complex in Gurgaon,offering some of the costliest flats in the region for over Rs 10 crore. The Delhi-based company has acquired 75 acres on Golf Course Road extension to develop 1,700 units in the 8216;7-star8217; residential project,M3M Golf Estate. 8220;Although,it is open for public,but a few high-end luxury units in the project will be available by invite for those,who understand the value of such a project,8221; M3M president Achal Raina said.

Oberoi launches Mumbai project

MUMBAI: Oberoi Realty Limited,a company focused on premium real estate developments in Mumbai,has announced the launch of its newest residential project,Oberoi Splendor Grande situated at JVLR in Mumbai. Oberoi Splendor Grande boasts to be a luxurious residential habitat surrounded by the lush Aarey green belt and verdant landscaped gardens. The residential property would be a 27 storeyed structure with spacious 3BHKs of 1820 sqft saleable area.

Embassy IPO gets4/5 grade from Crisil

MUMBAI: Crisil has assigned a grade of 4/5 to the proposed IPO of Embassy Property Developments. This grade indicates that the fundamentals of the IPO are above average relative to other listed equity securities in India. The report also says,8221;The IPO grade assigned to Embassy reflects its strong position in the Bengaluru real estate development market based on an established brand name supported by high quality of construction.8221;