Corporate Feature     

Published: April 30, 2024
Updated: April 30, 2024

Eraaya Lifespaces Ltd.

Acquires luxury staycation property and commercial retail spaces

Eraaya Lifespaces Ltd. (BSE: 531035) is pleased to update the developments taking place in its hospitality business (i) acquisition of luxury Staycation property at Lonavala with an investment of about Rs. 30 Million, and (ii) acquisition of commercial retail spaces with an investment of about Rs. 470 Million in the largest mall located near the International Airport at Mohali, the satellite city of Chandigarh, the heart of the richest state in India, Punjab, which demonstrates its strong commitment to expanding its hospitality business and diversifying its portfolio in the growth potential business areas.

By ensuring that its Boutique Staycation property in Lonavala will be ready and operational by this current midyear, Eraaya Lifespaces demonstrates its commitment to meeting the demands of travellers eager to explore exceptional destinations. Whether guests are seeking a serene retreat amidst nature or an indulgent urban escape, Eraaya Lifespaces’ properties will be designed to offer unforgettable experiences tailored to their preferences and desires

The market size of the hospitality industry in India is estimated at USD 247.31 billion in 2024, and is expected to reach USD 475.37 billion by 2029, growing at a CAGR of 13.96% during the forecast period (2024-2029).

“The CP 67 Mall”: Eraaya Lifespaces’ investment in commercial and retail spaces is to acquire ~ 17,415 sq. feet prime locations of “The CP 67 Mall”, the largest Mall in Mohali, Punjab, all set to be leased out to reputed domestic and international QSR chains/brands including “Haldiram’s”, “Burger King”, “Dominos”, “Pizza Hut” and many more. These QSR brands have evolved to become an integral part of the overall shopping and dining experience for visitors in malls and other retail environments.

In initial phase, Eraaya Lifespaces decided to invest ~ Rs. 470 Million in such spaces which either have been approved or the process of being leased to major Indian and International QSR brands and expecting a consistent revenue stream out of this investment in the later part of the current fiscal year.

“Absolutely, Eraaya Lifespaces’ recent developments in its hospitality business showcase a robust strategy aimed at expansion and diversification. The acquisition of luxury Staycation asset at Lonavala, along with the investment in commercial and retail spaces in Mohali, Punjab, reflect the company’s forward-thinking approach to tap into highgrowth markets and capitalize on emerging opportunities.” said young entrepreneur Ms. Sukriti Garg, CEO, promoter of Eraaya Lifespaces.

“This move not only enhances Eraaya Lifespaces’ presence in the hospitality sector but also underscores its commitment to delivering exceptional experiences to customers while driving long-term value for stakeholders.” She further added.

Eraaya Lifespaces is a premier lifestyle and hospitality company dedicated to curating unforgettable experiences worldwide. Rooted in a passion for excellence, we blend luxury, comfort, and style to create immersive environments that transcend mere existence. Our portfolio celebrates India’s rich culture and heritage, offering unique escapes in iconic destinations. Whether it’s crafting flawless events or producing innovative content, Eraaya Lifespaces is committed to exceeding expectations and creating memories that last a lifetime.