How Panchshil Is Transforming The Luxury Hotel Game In Pune

Panchshil Realty is a name synonymous with luxury. From its ultraglam residential projects to its equally striking commercial ones and its out-of-the-box branded hospitality projects, it has come to redefine the luxury space with an emphasis on high-voltage glamour, uber-luxury and its attention to detail. Atul Chordia, Chairman and Ranjit Batra, President – Hospitality Management are the men of the moment, as The Ritz-Carlton Pune makes its debut on India’s hospitality landscape. Given their deep-seated passion for innovation, their eye for detail and their insistence on not following any discounting policies that are detrimental to the luxury hospitality business and image, the two have ensured that Panchshil’s hospitality business always tops the game. In a candid interview, they talk about what luxury means to them, the pulls and pushes of working with brands, the need for better training and talent, and why The Ritz-Carlton Pune will prove to be a game-changer in not just the Pune market — which is experiencing a strong demand despite a decline in the auto industry, but also in India’s luxury hospitality.

- Gurmeet Sachdev

Going back in time, what made you step into the hospitality industry?

Atul Chordia (AC): I began my journey as a real estate broker in Pune city, after which I got the opportunity to work in project management for certain other industries. In 2002, I built residential projects and then in 2004, with Foreign Direct Investment (FDI) opening up the Indian market, I was able to garner large investments for my company from IREO, Merrill Lynch and Morgan Stanley. My vision was to create an impactful change in the real estate segment in Pune by leveraging the huge capital base.

We began building customised commercial spaces and leased them out, instead of selling them, to tap into the commercial revenue stream. Our work created a buzz in the market and we completed the IBM building, which was a 5-lakhsq.ft. large project, in under 180 days. We realised that businesses were flourishing in Pune and there was a growing demand for premium hospitality, with only Meridian, Holiday Inn and Blue Diamond available as viable options. We seized the opportunity and infused a new standard of luxury hospitality in the city. The strategy was to add a number of rooms in geographies where there was a strong business presence, leading to a heightened demand. We started construction on all the hotels simultaneously and sequentially launched them, one after the other. In 2004, we were designing hotels with global brands such as Marriott, and in 2007 we opened the first hotel Courtyard Marriott.