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- By Parinda News Bureau, April 18, 2006, 09:32 IST
The Taj Group is planning to build yet another luxury hotel near the Santa Cruz airport. The project would obviously need heavy investments and finance. "There is a need for more convention centres in metro cities like Mumbai. But it's a big challenge. Real estate price are increasing. We are open to JV partners," said Farhat Jamal, VP-Mumbai and GM.
Each luxury room would cost between Rs 1.3-1.5 crore. Hence, a 100 room hotel would roughly cost about Rs 130 to Rs 150 crore. The Taj Group has big investment plans to set up several hotels in Mumbai and also the suburbs like Thane and Navi Mumbai and also in smaller cities.
"Business is shifting from south Mumbai to north. Nashik, Nagpur , Kanpur also offer huge potential. We are looking at these options," said Farhat Jamal.
With this move, it seems the Taj Group realises that it needs to keep expanding to stay on top in a fast growing industry. Its strategy seems to be to maintain a foothold in both the luxury and budget segments.
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