TBM Staff - Mumbai
Bharat Realty Venture Pvt Ltd (BRVPL) announced on August 2 that the construction of the sixth Taj Hotel in North Goa’s Anjuna area will commence next month and is expected to be completed by September 2027. The 170-key sea-view hotel will be built on a 17-acre land parcel and will cost INR 300 crore. GTDC handed over the vacant site in April 2024, and construction will start in September 2024. The company stated that this will be the sixth Taj Hotel in Goa.
In July 2024, BRVPL announced its partnership with The Indian Hotels Company Limited (IHCL), operating under the Taj brand, by signing a management contract for the facility’s operation. BRVPL has entered into a 60-year lease with the Goa Tourism Development Corporation (GTDC) for the land parcel. The company will build and operate the hotel at their own expense, having paid an upfront fee of INR 35 crore to GTDC and agreeing to pay 5% of the gross top-line revenues to GTDC.
The property will offer an unobstructed view of the Arabian Sea and will feature North Goa’s largest dining area with outdoor grounds, ideal for social gatherings and weddings. This partnership aims to redefine luxury and elevate the hospitality experience in one of India’s most sought-after destinations. Dhaval Barot, MD and CEO, BRVPL, highlighted that this venture marks their first in the hospitality sector, emphasising their shared vision of delivering exceptional hospitality experiences and contributing to Goa’s tourism landscape.
Besides this hospitality venture in Goa, BRVPL is involved in constructing luxury residential projects in Mumbai, with a presence in areas such as Andheri, Vile Parle, and Thane. Additionally, Delhi-NCR-based real estate developer DLF plans to launch 62 ultra-luxury villas in Goa, priced between INR 40 crore and INR 50 crore, in the second half of the financial year 2024-2025. This project, located on a hill named Reis Mago, is about 32 km from the Goa International Airport in Dabolim. According to Sotheby’s International Realty’s Luxury Outlook Survey 2024, Goa is a favored destination for 35% of holiday home buyers, reflecting its appeal among India’s wealthy. PropEquity reported a 90% appreciation in launch prices of residential units in Goa’s second-home destinations over the last five years.
