Bengaluru-headquartered, real estate developer Ferns Estates and Developers is foraying into hospitality business with the launch of resorts across major holiday destinations in South India.
In the first phase it will develop five resorts cum holiday-homes totalling 600 keys across holiday destination in Bangalore, with a total investment of around Rs 700-750 crore over the next five years.
“There is a huge amount of pent up demand for holiday homes within a short distance of 3-4 hours drive. The cost of setting up each room will cost Rs 1 crore to Rs1.5 crore and will be internally funded,” said Jai Sreedhar Joint MD and CEO, Rosetta by Ferns
The company currently has two resorts coming up under the Rosetta brand across two locations closer to Bangalore. “Most of these resorts or holiday homes will come up near major short stay destinations,” he said.