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US company to invest $6 bn for hotels in India
| US company to invest $6 bn for hotels in India | |||||
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| PRESS TRUST OF INDIA | |||||
| Posted online: Thursday, April 12, 2007 at 1758 hours IST | |||||
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NEW DELHI, APRIL 12: US-based real estate developer Royal Indian Raj International Corporation (RIRIC) will invest 6 billion dollars in India over the next 7 years to develop hotels and residential resorts."Initially, we would develop three types of projects in India-Royal Garden City, Royal Garden Villas as well as hotels chains, for which we have planned an investment of six billion dollars," RIRIC Chief Executive Officer Manoj C Benjamin said.
According to a study, India's hotel sector is facing a shortage of 1,10,000 rooms. The government has allowed 100 per cent foreign direct investment in the hotel sector. Ravi Benjamin "Institutional investors have shown interest in funding our projects in India and we are planning an IPO in New York or London. The projects would be funded both through debt and equity," Benjamin said. RIRIC has commenced work on some of the projects. "We have acquired 3,000 acre of land for Royal Garden City in Bangalore and contracted 4,000 acre for Royal Garden Marina City and Financial Harbour in Mumbai," he said. RIRIC has completed Phase I of the Royal Garden Villas and Resorts project in Bangalore. Phase II and III would be undertaken in the third quarter of 2007. | |||||
http://www.financialexpress.com/old/latest_full_story.php?content_id=160914
Royal Indian ties up with Choice Hotels
Royal Indian ties up with Choice Hotels
Our Bureau
JOINING HANDS: (From right) Mr Vilas Pawar, CEO, Choice Hospitality India Ltd; Mr Collins Benjamin, President, Royal Indian Raj International Corporation; Mr Manoj C. Benjamin, Chairman & CEO, RIRIC; and Mr Kenneth M. Corey, Vice-President-Marketing, RIRIC; at a press conference in the Capital on Thursday. - Kamal Narang
New Delhi April 12 Canada-based Royal Indian Raj International Corporation (RIRIC) plans to invest $6 billion to $10 billion in India in the next seven years for development of townships, resorts and hotels.
"We will invest $6-10 billion to develop city townships, resorts and hotels in India," said Mr Manoj C. Benjamin, Chief Executive Officer, RIRIC.
The shortage of hotel rooms and housing has prompted the company to invest in the country, said Mr Benjamin.
The projects would be funded through both institutional investors and private equity, he said.
The company has commenced work on some of the projects.
``We have acquired a 3,000-acre land in Bangalore and contracted a 4,000-acre land in Mumbai for some of these projects,'' he said.
The company also announced on Thursday its partnership with Choice Hotels India to set up 15,000 rooms in about 100 hotels that would account for $4 billion (around Rs 17,000 crore) out of the total investment planned by RIRIC in India.
The hotels would be constructed in the next 5-7 years in the 2-4 star categories.
Under the arrangement, Choice Hotel India would develop the brand and market the hotels, while RIRIC would make the investment.
In the first phase, the hotels would be set up in Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Goa and Pune. Later, properties would come up in tier-II towns like Amritsar, Kochi, Kanpur and Nagpur.
The hotels would be set up under the brands `Comfort', `Sleep Inn', `Clarion' and `Quality', with a room tariff ranging from Rs 2,000 to Rs 10,000 per night. Ravi benjamin
http://www.thehindubusinessline.in/2007/04/13/stories/2007041305190300.htm
Our Bureau
| Plans $6-10 billion investments in India |
JOINING HANDS: (From right) Mr Vilas Pawar, CEO, Choice Hospitality India Ltd; Mr Collins Benjamin, President, Royal Indian Raj International Corporation; Mr Manoj C. Benjamin, Chairman & CEO, RIRIC; and Mr Kenneth M. Corey, Vice-President-Marketing, RIRIC; at a press conference in the Capital on Thursday. - Kamal Narang
New Delhi April 12 Canada-based Royal Indian Raj International Corporation (RIRIC) plans to invest $6 billion to $10 billion in India in the next seven years for development of townships, resorts and hotels.
"We will invest $6-10 billion to develop city townships, resorts and hotels in India," said Mr Manoj C. Benjamin, Chief Executive Officer, RIRIC.
The shortage of hotel rooms and housing has prompted the company to invest in the country, said Mr Benjamin.
The projects would be funded through both institutional investors and private equity, he said.
The company has commenced work on some of the projects.
``We have acquired a 3,000-acre land in Bangalore and contracted a 4,000-acre land in Mumbai for some of these projects,'' he said.
The company also announced on Thursday its partnership with Choice Hotels India to set up 15,000 rooms in about 100 hotels that would account for $4 billion (around Rs 17,000 crore) out of the total investment planned by RIRIC in India.
The hotels would be constructed in the next 5-7 years in the 2-4 star categories.
Under the arrangement, Choice Hotel India would develop the brand and market the hotels, while RIRIC would make the investment.
In the first phase, the hotels would be set up in Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Goa and Pune. Later, properties would come up in tier-II towns like Amritsar, Kochi, Kanpur and Nagpur.
The hotels would be set up under the brands `Comfort', `Sleep Inn', `Clarion' and `Quality', with a room tariff ranging from Rs 2,000 to Rs 10,000 per night. Ravi benjamin
http://www.thehindubusinessline.in/2007/04/13/stories/2007041305190300.htm
Royal Indian Raj International Corporation (RIRIC) announces today a $100M USD lawsuit for Slander, Liable and Defamation
Royal Indian Raj International Corporation launches multi-mill…
VANCOUVER, Apr. 22 /CNW-AsiaNet/ –
Royal Indian Raj International Corporation (RIRIC) announces today a $100M
USD lawsuit for Slander, Liable and Defamation of Character against RIRIC
former Vice President of Communications William Zack. The suit was filed in the
United States District Court for the Southern District of New York.
USD lawsuit for Slander, Liable and Defamation of Character against RIRIC
former Vice President of Communications William Zack. The suit was filed in the
United States District Court for the Southern District of New York.
The RIRIC lawsuit, initiated in May of 2008 in New York, alleges that Mr.
Zack stole proprietary information, confidential data and contact lists from
RIRIC then, waged a slanderous smear campaign against the company in North
America and India. RIRIC alleges that in or around March 2008, Mr. Zack used
various fictitious anonymous aliases to communicate misinformation about
RIRIC’s business to the public through postings on unethical websites and
through a direct interview with a Canadian newspaper which was then later
excerpted by the Times of India newspaper. He also used the stolen lists to
communicate directly with shareholders, customers and alliance partners. RIRIC
contends this damaged the RIRIC trade mark, caused millions of dollars in
financial loss and a huge loss of client goodwill.
Zack stole proprietary information, confidential data and contact lists from
RIRIC then, waged a slanderous smear campaign against the company in North
America and India. RIRIC alleges that in or around March 2008, Mr. Zack used
various fictitious anonymous aliases to communicate misinformation about
RIRIC’s business to the public through postings on unethical websites and
through a direct interview with a Canadian newspaper which was then later
excerpted by the Times of India newspaper. He also used the stolen lists to
communicate directly with shareholders, customers and alliance partners. RIRIC
contends this damaged the RIRIC trade mark, caused millions of dollars in
financial loss and a huge loss of client goodwill.
The lawsuit alleges that Mr. Zack misled RIRIC’s principals and the public
to believe that delays in developing the inaugural Royal Garden City Project
and the Royal Garden Villas & Resort in Bangalore, Karnataka
(www.royalvillasandresort.com) resulted from mismanagement at RIRIC as opposed
to India’s notoriously bureaucratic land development process, specifically the
delay of the 2001-2021 Bangalore Regional Master Plan (approved only in Jan
30th, 2009) and India’s government upheavals. India has seen five failed
governments collapse in Bangalore since 2004. These factors have delayed
developments for over 400 Indian real estate developers in the vicinity,
including RIRIC. Mr. Zack also claimed that RIRIC exaggerated its developments
and wrongly used celebrity endorsements. RIRIC vigorously maintains that both
claims are invalid and untrue. In addition to filing the lawsuit in US courts,
RIRIC intends to prosecute Mr. Zack in India under Indian criminal law.
to believe that delays in developing the inaugural Royal Garden City Project
and the Royal Garden Villas & Resort in Bangalore, Karnataka
(www.royalvillasandresort.com) resulted from mismanagement at RIRIC as opposed
to India’s notoriously bureaucratic land development process, specifically the
delay of the 2001-2021 Bangalore Regional Master Plan (approved only in Jan
30th, 2009) and India’s government upheavals. India has seen five failed
governments collapse in Bangalore since 2004. These factors have delayed
developments for over 400 Indian real estate developers in the vicinity,
including RIRIC. Mr. Zack also claimed that RIRIC exaggerated its developments
and wrongly used celebrity endorsements. RIRIC vigorously maintains that both
claims are invalid and untrue. In addition to filing the lawsuit in US courts,
RIRIC intends to prosecute Mr. Zack in India under Indian criminal law.
"Not only is this campaign un-factual and unethical, it has harmed our
company and its principal’s reputation as a leader in the Indian Realty sector
under the Indian Government’s Integrated Township program," states RIRIC
Chairman; Manoj Benjamin. "Court systems provide legal ways for dispute
mediation and regretfully, Mr. Zack opted to air his grievances against us
through this online smear campaign. Annoying someone anonymously via the
Internet, through a website or even by email; however is a federal crime with
stiff fines and prison time. And beyond being illegal, this is a great shame.
Our business practices remain and always have been transparent and sound."
company and its principal’s reputation as a leader in the Indian Realty sector
under the Indian Government’s Integrated Township program," states RIRIC
Chairman; Manoj Benjamin. "Court systems provide legal ways for dispute
mediation and regretfully, Mr. Zack opted to air his grievances against us
through this online smear campaign. Annoying someone anonymously via the
Internet, through a website or even by email; however is a federal crime with
stiff fines and prison time. And beyond being illegal, this is a great shame.
Our business practices remain and always have been transparent and sound."
Mr. Zack’s grievances began in November 2007 when he filed a lawsuit with
RIRIC and the company, in turn, filed one against Mr. Zack. Negotiations failed
and when an arbitration date at a Colorado court was set for February 2008, Mr.
Zack did not appear. In February 2009 his lawsuit against RIRIC in British
Columbia was dismissed, and yet his online defamation campaign continues.
RIRIC and the company, in turn, filed one against Mr. Zack. Negotiations failed
and when an arbitration date at a Colorado court was set for February 2008, Mr.
Zack did not appear. In February 2009 his lawsuit against RIRIC in British
Columbia was dismissed, and yet his online defamation campaign continues.
Mr. Benjamin states that whilst this campaign was designed to hinder and
harm RIRIC’s operations, development and sales in India, the company remains
focused, growing and strong. Soon RIRIC will be clearing permissions from State
and Central authorities not only on the inaugural Royal Garden Villas & Resort
project but larger projects including a new affordable housing project and a
special economic zone (SEZ).
harm RIRIC’s operations, development and sales in India, the company remains
focused, growing and strong. Soon RIRIC will be clearing permissions from State
and Central authorities not only on the inaugural Royal Garden Villas & Resort
project but larger projects including a new affordable housing project and a
special economic zone (SEZ).
"As pioneers in the Indian Realty sector we always predicted the real
estate market would open and thrive. Presently India’s real estate market lacks
regulation and is therefore highly unstructured, disorganized and far more
challenging than anything that has been encountered in the West. Despite this,
we have held in there patiently with India’s archaic permissions process and
weathered political resistance. We have loyal investors and now with
permissions being granted on the Royal Garden and Villas Township we are going
full throttle ahead. We are proud of our endeavors in India; one of the world’s
most economically vibrant nations for real estate. We remain committed to its
growth and to providing housing for this nation for many years to come."
estate market would open and thrive. Presently India’s real estate market lacks
regulation and is therefore highly unstructured, disorganized and far more
challenging than anything that has been encountered in the West. Despite this,
we have held in there patiently with India’s archaic permissions process and
weathered political resistance. We have loyal investors and now with
permissions being granted on the Royal Garden and Villas Township we are going
full throttle ahead. We are proud of our endeavors in India; one of the world’s
most economically vibrant nations for real estate. We remain committed to its
growth and to providing housing for this nation for many years to come."
About Royal Indian Raj International Corporation: Ravi Benjamin
http://asiaprnews.com/2009/04/22/34381
Wednesday, February 2, 2011
Royal Garden Villas
After a much delayed wait due to government hold up, the Project is about to take off in a big way. 2011 should be a great year for the Company Royal Indian Raj as well as for the Gracious customers who have suffered the too long wait. Value continue to rise in Bangalore as the IT sector continues to surge back and consumer demand is on the upswing. I forsee great things ahead for all involved. I can't wait to see this puppy kicked off finally. Regards Ravi Benjamin.
Thursday, January 27, 2011
Ravi Benjamin Thoughts
Ravi Benjamin : Thoughts on the Marketplace here in India for the Realty Sector. I will be posting regularly for anyone interested.
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