Tourism in India is driven by the rich historical and traditional heritage and topographical assortments spread across the country. The future of the hospitality industry inherently related to that of the tourism industry with both foreign and domestic travelers playing an important role in its rise. The industry is witnessing significant growth in every year with its changing business models and distinctive perquisites. The biggest reason behind this boom is India’s overall development as an emerging, favorable business destination in South Asia. The potential advancement in the hospitality sector has been attracting major global hospitality players towards the country.
Hospitality industry in India is one of the brisk expanding industries at present. It’s expected that the tourism industry single-handedly will be contributing about Rs. 9-10 lac crore by the year of 2020. The six rotating seasons of our country returns this industry huge take home. With the changing mindset of Indian travellers, there are numerous luxury resorts and boutique hotels have been mushrooming per diem. Both the domestic and international travellers visit has severely increased over the last few years. Tourism is also a large employment originator apart from being pivotal source of foreign exchange for India.
India is currently having more than one lac hotels. While there are established Indian names like- ITC, Oberoi, Leela and Taj, there are major international brands such as – Hyatt, Marriott, Starwood SPG, Carson Group, Accor Hotels, IHG, Zinc etc. have tapped the market of Indian hospitality business. Besides, there are multiple branded aggregators like Oyo Rooms, Zo Rooms, Vista Rooms, Trivago and others are delivering state-of-art service to expand the prominence of the industry.
In a bid to widening the landscape for the international players, the government has allowed 100% FDI in the hospitality and tourism sector. The industry will see more foreign hospitality brands investing in India in the coming days. Hospitality market in India is going to own many partnerships and tie-up business between different domestic brands as well.
With the changing market scenario, customers have become more price-conscious and they sought for better value for their investment throughout the experience. Hotel Industry is now approaching budget accommodations under their existing brand value thereby making the service available on a larger scale. Other than their core business, hotel industry will also be focusing on other avenues such as- event management, transport services, and other auxiliary services. Thus, they are zooming in tier II and tier III cities for their business expansion. Reportedly major global brands like- IHG, Starwood, Zinc Invasion and Hotel Behemoth expressed interest in launching branches aiming the mid and luxury market segment. Along with the supply of the construction materials, sale and lease of commercial lands will be integral parts of this business expansion. This business evolution will concrete the alliance between the domestic real estate development houses and the international hospitality players.
“Hospitality industry currently envisages about budget-friendly, standardized accommodation which could be a positive benefactor to the real estate industry. The industry is currently exploring development alternatives in tier II and tier III cities and that would spur the growth of urbanization as well as infrastructural development. As more big names are aiming towards India the better constructional and architectural progress will be assures and it will annex country’s present economical standing”- said Mr. Mahesh Somani, Head- East Zone, National Association of Realtors India (NAR).
-LNN (Liyans News Network) – Buy commercial property in Kolkata. Explore available office spaces/retail/warehouse/shops in and around the city.
