Despite the slow down in realty many Indian – overseas has made relations in India with their join ventures especially in hotel industry. According to a recent source of www.propertykhazana.com Indian realty brand JMD Group has recently tied up with US based Hilton hotels for their coming up pile of Doubletree luxury hotels. “JMD team will be investing around Rs 150 crore for next couple of years to bring up three hotels” as stated by the MD and chairman of the company.
The Indian hotel industry has witnessed a double whammy, thanks, in equal measure, to the Mumbai terror attacks and general economic slowdown. Hotel occupancies have dipped by nearly 50% in the past few months, triggering a fall in tariffs. Perhaps, the next year’s Commonwealth Games will revive the battered industry. The real estate slump has impacted JMD too. “The global financial recession has forced us to cut the rentals up to 20% similarly prices of the properties are plunged up to 15%, depending on the areas,” added Mr. Bedi at the www.propertykhazana.com.
As per the sources of www.propertykhazana.com after the Mumbai attacks the major cities of the country including Delhi has witnessed very low profile of the foreign visitors accompanied with the economic crisis. The company is holding around 20 million square feet of land which is under various constructions. The company will be also benefited by the recent announcement of the govt. to exempt taxes from all the star category hotels as a measure to revive the atmosphere of slump. For more updates visit www.propertykhazana.com.
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