ITC to launch branded residences in India, MD Anil Chadha
ITC Hotels is setting its sights on branded residences to fuel its next phase of growth, according to Managing Director Anil Chadha.
The company is talking with developers about launching projects in both leisure hotspots and big cities, and even hinted at building standalone branded homes—news that dropped at the recent Branded Residences Summit in Mumbai.
Branded residences are fast catching on in India
Branded residences are catching on fast in India, with 16 projects (about 4,000 units) already underway—most clustered around Delhi NCR, but cities like Mumbai and Pune aren't far behind.
India still only makes up 8% of Asia Pacific's market for these upscale homes, so there's a lot of room to grow, especially as brands eye tier II cities like Indore and Surat.
Other big hotel names are joining the trend too: Marriott is teaming up with Whiteland for Westin Residences in Gurugram, while Oberoi Realty is developing branded villas and a luxury hotel in Alibaug in Raigad district.