Dubai-based Atmosphere Living has entered a joint development agreement to create villas and a hotel in Mussoorie. With an estimated investment of INR 550 Crore, this project will span approximately 11.5 Acres of land parcel.
The upcoming project will feature a 100-key hotel, 70 villas, 90 apartments (managed by the hotel), and 12 ultra-luxury residences. Atmosphere Living also plans to develop holiday home projects in Goa, Lonavala, Himachal Pradesh, and Jaipur. They aim to further expand to international destinations. The company intends to undertake 4-5 projects in the next 12 months.
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The company has already put INR 150 Crore equity in the Mussoorie project, and the work has started. They believe there is a substantial market for second homes and an urgent need for organized development. Additionally, the company is in talks for more tie-ups and plans to commence work at other locations soon, said Sandeep Ahuja, CEO of Atmosphere Living.
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