In a bid to leverage the booming wellness market in India, South City Projects, one of the leading residential and commercial real estate consortiums in eastern India, said it is developing a Rs 600 crore hospitality-cum-real estate project in Kolkata. The entire project is likely to be completed by the end of 2023.
The project, South City Ayurveda & Wellness Retreat, will be a luxury township spread over 80 acres of land on the Basanti Highway. For the project, South City has collaborated with Carnoustie Management (India), an internationally recognized brand in the luxury hospitality and wellness space.
The project houses 30 luxurious rooms along with the Carnoustie Centre of Excellence and residential villas. “South City Retreat is on way to Sundarbans Biosphere Reserve, a UNESCO World Heritage site, making it a more attractive tourist destination for both the domestic and international travellers,” said Sushil Mohta, director, South City Projects.
“The hospitality part and some real estate parts will be operational in December this year. We have so far sold as many as 27 villas, which are already built. The average price of these properties is over Rs 3 crore. Kolkata’s High Networth Individuals (HNIs), senior corporate executives and businessmen are buying these villas. We are planning to set up around 100 villas,” Mohta said, adding the entire project will be completed by the end of 2023.
South City Projects is investing Rs 100 crore for the proposed ayurvedic retreat to be built up, and the total project outlay will be Rs 500 crore. The company claims the wellness centre is the first of this kind in Eastern India, which will offer a curative natural way of healing of some the major health ailments and lifestyle diseases.
“The overall wellness market in India is estimated at Rs 49,000 crore and wellness services alone comprise 40% of this market. We hope our wellness centre would capture a sizeable pie of the market in East,” Mohta added.