Sindhudhurg's Dream Of First Luxury Hotel Comes Closer To Reality After Three Decades Following A Tripartite Agreement; Landowners To Receive ₹1.44 Crore Per Hectare
Maharashtra’s coastal Sindhudurg district is finally set to receive its first five-star hotel after a landmark tripartite agreement was signed on Tuesday. The Indian Hotels Company Ltd (IHCL) agreed to pay Rs 1.44 crore per hectare to the landowners, ending a 32-year stalemate in building the luxury resort spanning across the coastal villages of Shiroda and Velagar. On Tuesday, the Maharashtra…
Maharashtra's Sindhudurg district is set to welcome its first five-star hotel after a groundbreaking tripartite agreement was signed on Tuesday, marking the end of a 32-year delay in constructing the luxury resort across coastal villages of Shiroda and Velagar. The Indian Hotels Company Ltd (IHCL), under the ownership of Taj Hotels, will develop a premium tourist resort on a 54.40-hectare land parcel in Shiroda-Velagar, compensating local landowners a landmark ₹1.44 crore per hectare.
This 32-year stalemate in building the luxury resort was primarily due to issues related to compensation and land acquisition. The first phase of the land acquisition settlement will see IHCL paying Rs 34.41 crore for 23.88 hectares of land, with the remaining funds disbursed in two more phases. The resort is projected to create significant economic impact, with targeted employment clauses and local capacity building measures, including vocational hospitality training programs to enhance local youth employability.
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