Project

Home to the Taj Mahal, Agra is a historic city dating back over 400 years. The city attracts around two million visitors each year and a significant part of the 1.3 million local population is employed in the service sector catering to tourists. The city is also a robust manufacturing hub for leather products and iron-ware.

The site is located on Fatehabad Road which also has prestigious hotels such as The Mughal Sheraton and The Oberoi Amarvilas. Located in Taj Nagri, the project site a large planned residential and commercial layout being developed by the city government as an alternative corridor to decongest the city.

The business plan for the project is currently under review and the alternative option of sale of land is being explored which will be subject to regulatory approvals. The construction of a Marriott Courtyard hotel on the adjoining plot will have a positive impact on the valuation of subject property.

The Phoenix Mills Limited and Big Apple Real Estate Private Limited are the development partners for the proposed development. The Phoenix Mills Limited is a leading real estate development company specialising in the construction of retail malls, hotels and mixed use projects across India. Big Apple Real Estate Private Limited, is currently building retail malls in several cities in north India.

Yatra has announced the disposal of its entire equity stake in the Company in September 2014 and has received sales proceeds of EUR 2.42 million