Hyderabad, India (PressExposure) April 17, 2008 -- Noida Authority has invited bids to set up nine hotels near the expressway being built to the Taj Mahal in Agra. The Noida authority plans to set up three 5-star hotels, two 4-star hotels and four 3-star hotels.
The authority has set a reserve price of 77,000 rupees ($1,919) a square meter (10.76 square feet) and will open the qualification bids on April 24. The plots for the five-star hotels have an area of 24,000 square meters, it said.
Demand for houses, offices and hotels in India is growing as economic growth and rising salaries boost the spending power of individuals and companies. Towns around New Delhi, including Noida, Gurgaon, Ghaziabad and Faridabad, are expanding as buyers move there to take advantage of lower prices.
Developer BPTP Ltd. earlier this month won a bid for 95 acres of land for offices and shops at Noida for 50.1 billion rupees. BPTP offered to pay 130,207 rupees a square meter, compared with a reserve price of 77,000 rupees a square meter. Developers such as DLF Ltd. and Unitech Ltd., India's two biggest real-estate companies, have announced plans to build hotels along with houses, shops and malls. DLF plans about 75 hotels in India in five years.
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