Astronomical Plans by House of Patels Group
House of Patels Group, a Dubai-based real estate conglomerate, is contemplating the development of a luxury residential or hotel project in India. Asgar Patel, the group's chairman, revealed his intentions to utilize land he owns in India for this ambitious venture.
Asgar Patel is deliberating on transforming his waterfront land into a residential or hotel project. Recently, the House of Patels Group made a substantial investment of $630 million in a mixed-use project in Bangkok, which is projected to be the tallest tower in the country upon completion in 2015.
Asgar Patel's Wealth and Investments
Arabian Business magazine has recognized Asgar Patel as one of the most powerful and richest Indians in the Gulf. His recent investments also include areas like Thailand. He has allocated $100 million for developing two projects, with a significant portion directed towards the MahaNakhon Tower project. Within this project, he owns $16.25 million worth of penthouses and around five residential apartments.
MahaNakhon Tower and Ritz Carlton
MahaNakhon Tower, a development by Pace Development, boasts 150 hotel rooms and 194 serviced apartments. The hotel rooms are managed by Marriott International, while the serviced apartments are managed by Ritz Carlton, an international hotel chain. House of Patels Group holds the exclusive rights to sell the Ritz Carlton residences.
India Development Plans
Impressed by the MahaNakhon Tower project, Asgar Patel has engaged Ritz Carlton to explore a similar venture in India. His land, located in Kerala, is being considered for this luxury development. In addition, House of Patels Group is already developing a residential project in Pune, which includes 250 apartments.
While Asgar Patel has expressed his interest, Ritz Carlton has not yet publicly commented on the collaboration.