NEW DELHI: Assotech Realty plans to scale its revenue to ₹350-400 crore in FY27, while international hospitality company Atmosphere Core is targeting $400 million in revenue by 2030, according to their respective leadership following a partnership to develop a hospitality project in Shirdi, Maharashtra.
Assotech will invest about ₹200 crore in the project, which will have 160 suites of about 45 sq meters each and will be operated by Atmosphere Core under a fee-based management agreement.
The project reflects a broader trend where pilgrimage destinations are evolving into organised tourism hubs with improved infrastructure, connectivity and professionally managed hospitality assets.
Neeraj Gulati, managing director of Assotech Realty, said the company is exploring hospitality opportunities in spiritual and tourism destinations as part of its next phase of growth.
“Hospitality in pilgrimage and leisure destinations is emerging as a distinct segment. The Shirdi project is designed as an all-suite property where travellers increasingly prefer larger rooms and longer stays,” Gulati said.
The company is also evaluating similar developments in other destinations, including Dharamshala, where two acres land has already been identified for a future project. Gulati said the company is also exploring senior living projects on a rental model, where units will be developed and leased rather than sold.
Currently, a large portion of the company’s revenue comes from its commercial real estate portfolio, including an IT park in Noida that is fully leased. The company expects revenue of around ₹350 crore in FY26, with the figure likely to rise to ₹350-400 crore in FY27 as new income streams emerge.
“Our revenue base is gradually shifting towards rental income from operational assets such as commercial properties and hospitality projects,” Gulati said.
For Atmosphere Core, the partnership aligns with its strategy of expanding into experiential tourism destinations across India and the Indian Ocean region.
Salil Panigrahi, co-founder and managing director of Atmosphere Core, said the company has adopted a selective expansion strategy, focusing on destinations with strong tourism potential rather than rapid growth.
“In the last four years we have signed around 17–20 properties in India. Hospitality projects take time to develop, so we expect around 10 properties to become operational in the country by 2030,” Panigrahi said.
The company currently operates nine private island resorts in the Maldives and has five additional projects in the pipeline that are expected to open before 2029. Most of its hotels operate under an asset-light model, where the developer owns the property while Atmosphere Core manages operations.
Panigrahi said the company’s global revenue currently stands at around $250 million, largely driven by its Maldives portfolio, and is expected to reach $400 million by 2030 as new properties become operational.
