Atmosphere Living, A Dubai Company to Jointly Develop Luxury Hotel and Villas in Mussoorie

Atmosphere Living, a Dubai-based company, has entered into a joint development agreement to build a luxury hotel and villas in Mussoorie, with an investment of ₹550 crore. This initiative marks the beginning of a series of holiday home projects planned across popular destinations in India and internationally.

Key Developments and Investments

Investment in Mussoorie Project

• Total Investment: ₹550 crore.
• Equity Raised: ₹500 crore.
• Current Equity in Mussoorie: ₹150 crore.

Project Scope

The development spans 11.5 acres and includes a 100-key hotel, 70 villas, 90 apartments, and 12 ultra-luxury residences.

Future Projects and Expansion

Atmosphere Living plans to develop holiday home projects in Goa, Lonavala, Himachal Pradesh, and Jaipur. The company is also looking at international destinations for further expansion.

Project Details

Mussoorie Development:

• Hotel: 100-key luxury hotel.
• Villas: 70 villas, available for sale and leaseback.
• Apartments: 90 units managed by the hotel.
• Ultra-Luxury Residences: 12 exclusive homes.

Market Potential and Strategy

Sandeep Ahuja, CEO of Atmosphere Living, mentioned that there is a significant market for second homes and a need for organized development in this sector. The company is engaging in talks for additional tie-ups and aims to initiate work at other locations soon.

Atmosphere Living's Portfolio and Expansion

• Existing Portfolio: Atmosphere Living is part of the Atmosphere Core portfolio, which operates resorts in the Maldives. 
• Future Plans: The group intends to expand its portfolio by operating branded ultra-luxury serviced homes across South Asia.
• Current Projects: In addition to India, the group is also developing properties in Dubai and Sri Lanka.

Investment Opportunities

• Leaseback Options: Within the second home space, Atmosphere Living offers investors the option to lease the homes back to the company. This allows investors to generate income by renting out their properties through the company’s management.

Facts and Figures

• Investment in Mussoorie: ₹550 crore.
• Equity Raised: ₹500 crore.
• Equity in Mussoorie: ₹150 crore.
• Project Area: 11.5 acres.
• Hotel Keys: 100.
• Villas: 70.
• Apartments: 90.
• Ultra-Luxury Residences: 12.
• Future Locations: Goa, Lonavala, Himachal Pradesh, Jaipur, international destinations.

Conclusion

Atmosphere Living's significant investment in Mussoorie marks a strategic expansion in the luxury real estate and second home market in India. With projects planned across popular destinations and a focus on organized development, the company aims to meet the growing demand for premium holiday homes.

This initiative offers lucrative investment opportunities, particularly with the leaseback options, allowing investors to generate income from their properties. As Atmosphere Living continues to expand its portfolio, it sets a new standard for luxury real estate development in South Asia and beyond.