NEW DELHI: Assotech Realty aims to increase its revenue to ₹350-400 crore by FY27. Meanwhile, Atmosphere Core, an international hospitality company, is targeting $400 million in revenue by 2030, following a partnership to develop a hospitality project in Shirdi, Maharashtra.
Assotech is set to invest approximately ₹200 crore into the project, which will feature 160 suites of around 45 square meters each, managed by Atmosphere Core through a fee-based agreement.
The project aligns with a growing trend of transforming pilgrimage sites into organized tourism hubs, bolstered by enhanced infrastructure, connectivity, and professionally-run hospitality ventures.
Neeraj Gulati, managing director of Assotech Realty, shared that the company is exploring opportunities in spiritual and tourism-rich locales as part of their growth strategy.
“Hospitality at pilgrimage and leisure destinations has become a distinct segment. The Shirdi project is designed as an all-suite establishment, catering to travelers’ preferences for larger rooms and extended stays,” Gulati stated.
Assotech is also considering similar projects in destinations such as Dharamshala, where they have identified two acres for future development. Additionally, they are looking into senior living initiatives on a rental basis, focusing on development and leasing instead of sales.
Currently, a significant segment of the company’s revenue is generated from its commercial real estate portfolio, including a fully leased IT park in Noida. They project revenues of around ₹350 crore in FY26, with expectations to reach ₹350-400 crore in FY27 as new income streams materialize.
“Our revenue model is progressively shifting towards rental income from operational assets, including commercial and hospitality projects,” Gulati explained.
For Atmosphere Core, this partnership aligns with their strategy to expand into experiential tourism in India and the Indian Ocean region.
Salil Panigrahi, co-founder and managing director of Atmosphere Core, noted their selective expansion approach, concentrating on tourism-rich destinations rather than rapid growth.
“In the last four years, we have signed around 17-20 properties in India. Given the time required for hospitality project development, we expect around 10 properties to be operational by 2030,” Panigrahi remarked.
The company currently manages nine private island resorts in the Maldives and has five additional projects slated to open by 2029. Most of their hotels follow an asset-light model, where the property is owned by the developer and managed by Atmosphere Core.
Panigrahi mentioned that the company’s global revenue currently approximates $250 million, primarily driven by its Maldives portfolio. They expect this figure to reach $400 million by 2030 as new properties become operational.
