Bengaluru-headquartered, real estate 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.
The company has also bought land totalling to 320 acre in Yercaud, Bandipur and Coorg for development of resorts and holiday homes. “In the second phase we will roll out resorts across holiday destination in cities like Chennai, Hyderabad and Kochi,” said Sreedhar.
Holiday homes are fast emerging as a preferred destination for weekend get away specially for the millennia population, who are increasingly looking to calming environment surrounded by recreational activities.
Separately, Ferns Estates and Developers, currently has 3.2 million sq ft of commercial and residential development under construction across South India.