Ascott secures management contract for serviced residence in Gurgaon

The Ascott has secured a contract in Gurgaon to manage its first Somerset-branded serviced residence in the region.

The Somerset Diplomatic Greens Gurgaon will have 174 units, scheduled to open by 2019. It will be Ascott’s second serviced residence in the city, following Ascott Ireo City Gurgaon due to open in 2017.

Somerset Diplomatic Greens Gurgaon’s management contract was granted by Puri Constructions who focuses on Northern India real estate development.

The Ascott chief corporate officer who is overseeing the company’s business in India, Tony Soh claimed of viewing strong growth potential for Ascott in India. This is as delivering the Somerset brand to Gurgaon through partnership with Puri Constructions will increase Ascott’s footprint in India to over 1,400 apartment units in eight serviced residences across five cities.

Sahara Group selling three properties

Four months following the sale of 104 acre land at Ahmedabad, the Sahara Group is said to have reached an agreement to sell three of its other properties across India. 

The group is in final negotiations to sell 265 acres of land in Vasai suburb, Mumbai, to city based Atul Projects, for approximately Rs800crore. A formal deal will be signed upon receipt of the sale price. It has been a few years since Sahara acquired this land to establish as a township.