New Delhi, Jul 28 (UNI) Notwithstanding the current slowdown in the real estate market, The Uppal Group today said it is optimistic about its future growth and targets to increase its revenue by more than double to Rs 2,000 crore by 2010.
''We aim to increase our revenue to Rs 1,000 crore by 2009 and targets to further push this to Rs 2,000 crore by 2010,'' company Director (Finance) Ajay Mangal told reporters on the sidelines of a conference here.
The country's leading real estate developer clocked a revenue of Rs 800 crore in the last year.
''There is slowdown in the real estate market in the country but we are optimistic about our business. The company is bullish on its ongoing six new residential and commercial project which will add up the numbers to achieve this target,'' he said.
Mr Mangal said the current slowdown is due to fall in the interests of the investors but the demand will be high on account of end-users' requirements.
Explaining this scenario, he said the investors who have bought few flats, with the aim of selling them later on higher prices, are not able to materialise their plans.
The company today announced its tie-up with the US-based Marriott International to manage its forthcoming five-star hotel in Gurgaon, which will entail an investment of Rs 325 crore.
''Spread over 12.5 acres of land, the five-star hotel will be developed on NH-8, Gurgaon with Rs 325 crore investment,'' company Managing Director Manish Uppal told reporters here.
As part of the agreement, The Uppal Group will own and develop the '5-Star Luxury JW Marriott Hotel', while day-to-day operations will be managed by the leading hotel management and franchising company Marriott International.
Designed by Singapore-based SCDA, the proposed hotel, which will offer 210 super luxury rooms, is expected to be operational by September next year, Mr Uppal said.
This move is in line with the company's long-term plans to strengthen its foray in the hospitality sector.
''We plan to have five more such hotels across the country in the next few years with 800-1000 rooms,'' Mr Uppal said.
Asked whether it will again rope up Marriott for these hotels, he said, ''Can't say now. It could Marriott or any other hotel chain.'' The company is scouting for new locations for setting up these projects, he said without divulging the investment plans.
The Uppal Group had earlier signed up Marriott International for their upcomping five-star hotel in Chandigarh.
The project, which entails an investment of Rs 175 crore, will be completed by next year.
Since its debut into real estate business, The Uppal Group has developed around 10 million sq ft and currently more than 55 million sq ft of space is being developed across verticals, including high-end, premium residential complexes, commercial plazas, luxurious hotels and IT and IT enabled facilities and special economic zones (SEZs).
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