Provenance plans to build more projects
Provenance Land, which is constructing a mixed-use development project under the Four Seasons brand, including a hotel, residential tower and a commercial building in Worli, hopes to replicate the ‘hotel branded residences’ model in other parts of the megapolis, a top company official said.
The company, which has built Four Seasons and Hyatt Regency hotels in the country, is developing a luxury residential project, and also construct a commercial tower next to the Four Seasons hotel in Worli.
“We have been developing hotels but now we want to move a step ahead. We want to build branded luxury homes and commercial towers next to the hotels creating a complete mixed-use development,” company’s managing director Adarsh Jatia told PTI here.
Demonetisation and implementation of RERA did have an initial impact, but the demand for luxury and branded residences is still high, he added.
He said there is scope for developing more such mixed-use projects in Mumbai and Delhi.
“Currently our focus will be on Mumbai. We want to first complete this Four Seasons residences project. At the same time we are scouting for opportunities where we can replicate the model,” Jatia said.
In 2015, the company launched Four Seasons Private Residences with an investment of Rs 650 crore. The project, which is expected to be complete by 2020, has a total revenue potential of around Rs 1,500 crore, he said, adding almost 60 per cent of its total 35 units have already been sold.
The commercial tower will be launched in the coming months, he added.
When asked whether the company was planning future projects under the Four Seasons brand he said, “We have not decided yet. We will look for the best opportunity. Our aim is to provide best-in-class experience to our customers.” Provenance Land, previously called Magus Estates and Hotels, has built five greenfield real estate projects in India.