Saboo's Subsidiary Secures Land Conversion for Luxury Resort Project in Udaipur
Saboo Sodium Chloro Limited, through its wholly-owned subsidiary Samskara Resorts Private Limited, has secured a significant regulatory milestone for its proposed hospitality venture. The Udaipur Development Authority, Rajasthan, has issued the land conversion order concerning a parcel of land owned by the company, which measures approximately 23,310 square metres, allowing it to be utilized as a tourism unit.This development is centered in Udaipur and holds strategic importance due to its proximity to Maharana Pratap Airport (UDR) and Taj Lalit Bagh, offering scenic views of the Aravallis. The land conversion order paves the way for the Samskara Udaipur luxury hospitality project.
The company intends to develop the site as a high-quality luxury resort, with plans encompassing up to 300 rooms. The scope of the proposed development is expected to include various amenities such as restaurants, large format event and banqueting spaces, wellness and recreation facilities, landscaped areas, and necessary back-of-house hospitality amenities.
Maithel & Associates Architects has been appointed as the project architect for Samskara Udaipur. The selection of this established architecture practice supports the company's goal of developing a premium luxury resort product within Udaipur.
Following the receipt of the conversion order, Saboo Sodium Chloro Limited will move forward with subsequent planning and approval processes, including necessary layout and building plan clearances and other statutory compliances. Construction timelines for the project will be determined upon receiving all required approvals and fulfilling applicable conditions.
Stock Price Movement
As of 12:39, shares of Saboo Sodium Chloro Ltd are edging higher at ₹12.31, moving up 1.32%. The stock has been active in the market today, trading within an intraday range from a low of ₹12.15 to a high of ₹12.72.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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