Dubai-based real estate developer Atmosphere Living is making a notable expansion into India, focusing on luxury property and hospitality sectors. The company has partnered with an Indian entity for a joint development agreement. They will work on a premium project in Mussoorie. This hill station is well-known and located in Uttarakhand.
The ambitious $65 million (INR 5.50 billion) venture will encompass 11.5 acres in Mussoorie and will include a range of luxury accommodations. The development will feature a 100-key hotel, 70 villas, 90 apartments, and 12 ultra-luxury residences.
Atmosphere Living has announced additional plans to invest in holiday home projects across several locations in India. These locations include Goa, Lonavala, Himachal Pradesh, and Jaipur. According to The Economic Times (ET), the company’s CEO, Sandeep Ahuja, has shared future plans. They aim to start 4-5 new projects in the next 12 months.
In the Mussoorie development, the company plans to sell and lease back the villas, while the hotel on-site will manage the apartments. Ahuja noted, “We believe there is a big market for second homes and there is a need for organized development. We are in talks for more tie-ups and hope to start the work at other locations as well,” as reported by ET.
Atmosphere Living is part of the Atmosphere Core portfolio. This portfolio includes resorts in the Maldives and developments in Dubai and Sri Lanka. The group also plans to introduce branded ultra-luxury serviced residences across South Asia.