Pegasus Realty and Hotel Developments, an offshoot of Dubai-based Pegasus Realty, will build a luxury spa resort in Kumarakoam, Kerala, in India. The 40-acre lakefront project is valued at Dh350 million and is likely to be completed by 2011, a statement said.
Pegasus Man aging Director Imtiaz Panjwani said: "Kerala is one of the most sought after tourist destinations in the world today. Conde Nast Traveller has rated Kerala as one of the top 10 popular destinations in the world. In the year 2007 the inbound tourist traffic to Kerala went up by 20 per cent and there is a need for a world class luxury resort there."
The resort on the banks of the Vembanad Lake in Kumarakoam proposes to have 140 villas of different styles, which would include spa villas, pool villas, chalets and condos. The company is in talks with various international hospitality chains.
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