Build Magazine May 2016

Build Magazine 45 Real Estate The first project has already broken ground and construction is underway in Nagothane, an industrial town, 70 kilometres south of Mumbai and situated on the new Mumbai-Goa expressway. The 240-room development will cater to 1,000 guests and is spread across 1.5 acres and 75,000 square feet of constructed area. The project cost is GBP 1.75M, translating to a price of approximately GBP 7000 per room size of 290 square feet. The first Chototel location will target its accommodations at the large bank of industrial workers, working within a 15-kilometre radius, and also those travelling on the Mumbai-Goa expressway. Chototel is currently in the process of acquiring land in Chakan, Goa and Gujarat for its next round of projects in India. The company aims to build 100,000 rooms in the next 5 years in the Mumbai-Pune-Goa corridor. While opportunities exist in India, the company hopes to extend the concept to the UK and globally. Chris Phillips, Chototel’s Chairman commented: “India’s diversified economy and robust growth prospects make it the most attractive location globally to set up our first project. We believe that policy-makers will take effective action to enhance the country’s economic strength and, in turn, the financial strength over coming years. With inflation under control and the economy benefiting from lower commodity prices, demand for low-cost service products can only go up.” Rhea Silva, Managing Director of Chototel adds, “The Chototel project is a technological super machine. We use innovative technologies to build, operate and manage in a way that encourages sustainable and environmentally responsible behaviour. We are committed to making India the cornerstone of our market entry strategy. Subject to the success of our early steps we are planning to build 100,000 rooms in the next few years in India and would welcome support from regional governments.” Chototel Chooses India to Build Its First $2 per Day Hotel Chototel, a London-based technology startup has chosen India to set up its pilot “super-budget” hotel. Hotel tariffs start at US $2 per day and offer uninterrupted electricity, water, gas and social infrastructure including daycare, infirmaries and community kitchen and gardens. Through a diverse array of IOT, closed-loop, real-time cash transfer, digital health and Big Data technologies, the project is able to deliver efficiencies from construction through to hotel operations and maintenance.