Aurika Residences Pvt Ltd plans to invest Rs 100 crore in a hospitality project located in Ayodhya, Uttar Pradesh. The initiative will feature 150 serviced suites along with 16,500 square feet of retail space. “We are launching a hospitality project in Ayodhya, which will include 150 serviced suites managed by Best Western Hotels,” stated Prasoon Chauhan, Founder and CEO of Aurika Group, during a press briefing.
Situated on the esteemed 14 Koshi Parikrama Marg, the project aims to support the city’s growing religious tourism sector. “We anticipate completing this project within three years,” he added.
The total investment, which encompasses land costs, is estimated at around Rs 100 crore. Chauhan mentioned that the company intends to sell approximately 100 suites while retaining the remainder, with the retail spaces available for lease to retailers. Chauhan indicated that the funding for this investment will come from internal resources and bank loans.
Based in Noida, Aurika Group operates in the housing, commercial, and hospitality sectors. Furthermore, Chauhan revealed that the company is actively seeking land in tier II cities throughout northern India to facilitate business expansion. They are open to both purchasing land and forming joint ventures with landowners, noting a significant demand for housing in smaller urban areas.
