NEW DELHI : Unlisted Bharat Hotels Ltd. will spend 1.5 billion rupees ($32.3 million) to set up a luxury hotel in the tourist hot-spot desert state of Rajasthan, a top company official said on Tuesday.
The proposed 200-room hotel will be situated on 12,000 square metres of land in the state capital Jaipur, and is expected to be up and running in 18 months, Lalit Suri, chairman of Bharat Hotels, said on the sidelines of a tourism industry conference.
Everyone who comes to Rajasthan goes through Jaipur, and there just arent enough hotels, he said. Rajasthan has not been fully exploited.
The 1.5-billion-rupee investment includes the acquisition price of the land.
Bharat Hotels bought the plot for the hotel on Friday from the Rajasthan government at the reserve price of 260 million rupees – which under a new government policy to attract hoteliers in the room-starved state was pegged at half the current commercial land rate.
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