 Annur Resorts opens for booking
 Annur Holiday Resorts (India), promoted by M Narasimhan, is coming up at Annur village, near Tirupati, on a five-acre plot at a cost of Rs 43.5 crore. The land is owned by the promoter.
Initially, the land was purchased for the purpose of farming activities but later it has been transferred as a commercial land for resort purpose. It has been approved by the competent authority from the Mandal Regional Office
(Karvet Nagaram).
In the first phase, the promoter has so far invested nearly Rs 60 lakh, including the cost of land. So far the funds have been managed by way of personal savings and advances collected from time share members.
The first phase of the project has been completed and it consists of two fully furnished apartments, each measuring about 580 sq ft. The fcilities available are a swimming pool, tennis court, lobby, front office which are operational now. A few more infrastructure works are on for a temple and internal roads.
The entire project will be completed by the end of next year (December-- 2007) and it will consist of 24 apartments, restaurant, kitchen, bar, health club, children play area, medical shop, provision store, gym, Ayurvedic centre and a few other facilities. The rest of the project work will be managed through the sale of time share units.
The promoter is confident of the sale of the time shares since there is a big demand for such products in the country, particularly due to the proximity to the Tirumala temple. A family can stay here for a week in the apartment and visit the nearby pilgrimage centres like Tiruttani, Sholingur, Sri Kalahasthi, Kaniapakkam Pillayar Temple and few other tourists spots like Kone falls, Ampalli reservoir and Karvet
Nagaram.
The sale process of about 1,200 time share units from the 24 apartments (Rs 40,000 average per time share) would bring Rs 4.8 crore. The promoter proposes to sell half of the time share (600 units) through institutional and corporate sales and the rest on individual sales.
"The future will be bright since I plan to develop two more similar resorts, one at Coorg, Karnataka, and another at Kumarakom, Kerala. It is expected in 2008 and 2009."
The members of Annur Holiday Resorts (India) can share the apartments at all the three locations in future.
Income will be generated from a number of sources like restaurant, bar, health club, Ayurvedic centre and transport operation. "It's obvious that the resort will make profit in the first full year operation, 2007-08," says a confident
Narasimhan.
R Rangaraj
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