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Jun. 27, 2013

India’s First Ascott-Branded Serviced Residence Announced

By Gabriel Circiog, Associate Editor

Gurgaon, India—Ireo, India’s first and largest private equity fund dedicated to the Indian real estate market, recently announced it has entered into management agreements with serviced residence provider, The Ascott Limited, for India’s first Ascott-branded serviced residence in the master-planned Ireo City community in Gurgaon.

Lalit Goyal, vice chairman and managing director at Ireo, says: “Our alliance with The Ascott Limited is in keeping with our vision to bring world class living standards to India. The Ascott Ireo City Gurgaon brings together the design excellence of Ireo and the impeccable service of the internationally renowned Ascott brand.”

Located on Golf Course Extension Road in Gurgaon, the largest city in the Indian state of Haryana, Ireo City is a mixed-use project spanning over close to 800-acres. It is designed to be a resort city within a city and is planned to feature schools, hospitals, parks, offices, shopping malls, theaters and art centers.

Ascott Ireo City Gurgaon will be located adjacent to the planned two-story Ireo City Central retail zone and entertainment hub. The development will offer around 220 units, which will include studios and one- and two-bedroom apartments, out of which 160 will be serviced residence units while 60 units will be private residential apartments. The luxury apartments will also be in close proximity to the 50-acre golf park in Ireo City and will be connected to the Open Living ecosystem of the master-planned development.

Talking about the project, Pankaj Dugar, hospitality head at Ireo, says: “Gurgaon has emerged as a fast growing commercial hub on the international map, attracting business travelers and expats from across the globe but lacks good international quality branded serviced apartments. Ascott Ireo City Gurgaon will replicate the superior comfort and finesse that is synonymous with luxury serviced apartments the world over. With the choice for self-use or renting out through the world renowned Ascott brand, these apartments offer a unique opportunity to the buyers.”

 

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