Dubai-based Atmosphere Living has entered into a joint development agreement to develop villas and a hotel in Mussoorie with an investment of ₹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 ₹500 crore and intend to do 4-5 projects in the next 12 months. We have already put ₹150 crore equity in the Mussoorie project, and work has star- ted,” 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 deve- lopment. 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 Atmosp- here Core portfolio, which runs resorts in portfolio, the Maldives and plans to pand the portfolio. ex-

The group plans to operate branded ultra-luxury serviced homes across South Asia.

The group is also building properties in Dubai and Sri Lanka

Source-The Economic Times