Following the example of global companies like Four Seasons, Ritz Carlton and Grand Hyatt that lend their brands and provide hospitality services to luxury homes across the world, Indian Hotels Co. Ltd (IHCL), the operator of the Taj chain of hotels, is in plans to enter the branded homes business.
The Tata group firm is in talks with Kathmandu-based Chaudhary Group (CG) to set up a residential project under the Taj brand in Colombo where both the companies jointly own over 10 acres of land, it is understood.
IHCL already operates a 300-room luxury hotel Taj Samudra in the Sri Lankan capital. The new high-end residential development is likely to come up within the same premises, said one of the two people mentioned above.
The CG group has entered into an in-principle agreement with Taj group to build a residential development within the same Taj Samudra premise. Discussions are currently on over the Taj brand name, number of apartments and price of the apartments.
CG and IHCL jointly operate three luxury hotels under the Taj brand in Sri Lanka and the Maldives. Two more Taj hotels are being developed in Nepal and Thailand.
According to information available on the company’s website, IHCL owns around 900 acres of land in total across 26 cities in India.
