North East property company Malhotra Group PLC has expanded its operations in India after buying a golf course which is set to be the focal point of multimillion-pound plans to create housing, retail and leisure development in the Punjab.
Meenu Malhotra, the founder of the Newcastle care, leisure and property group, first unveiled plans for ambitious £150m schemes in his Indian hometown of Ludhiana, Punjab, in 2021, which would deliver housing, retail and leisure developments.
He has long held ambitions to create a development in his home country on a 12-15 acre site he has owned for a number of years, with plans being fleshed out for a golfing destination as well as a city centre project. Now the company has announced it has successfully completed the purchase of The Imperial Golf Estate in Ludhiana at the heart of the plans, following four years of negotiations.
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The development, which includes an 18-hole championship golf course designed by Jack Nicklaus’ company Nicklaus Design, was halted in 2019 after the previous owners ran into financial difficulty. The scheme is back on track having been acquired by Malhotra Realty Private Ltd India (MRPL), a Malhotra family holding company.
Together with the championship golf course, the project will see the creation of more than 700 villas and apartments, a shopping mall with national and international designer outlets and fashionable food and beverage offerings. A health farm with spa facilities and a luxury five-star hotel will also be created with other partners.
An international school, junior and senior, in collaboration with educational institutions based in the 海角视频 is also planned, along with places of worship and a creche for residents and families. It hoped the first phase will be completed within two years.
Mr Malhotra said MRPL is confident the golf estate and its facilities will draw players and visitors from across the globe, as well as catering for increased interest in golf across India.
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He said: “This project will not only create opportunities for local people but also provide world class facilities, enhancing the reputation of the already affluent town of Ludhiana and placing it on the world map. We have been working for the past four years on bringing this project together which was held up because of legal hurdles. I have always been a patriotic Indian, proud Punjabi and my home town of Ludhiana remains very close to my heart.”
The second project being driven by MRPL is The Wilton, a 2,000,000 sq ft city centre scheme consisting of a shopping mall, hotel, cinema complex and 600 homes in Ludhiana which is already under development. Mr Malhotra said the work marks part of a continuing commitment to the company’s overseas development plans.
He added: “We are global investors with a proven track record of development in the 海角视频. We see India as a vibrant economy which we wish to invest in. India is the fastest growing economy in the world. The Government of India’s intention is to become the third largest economy in the world in the next decade by investing in infrastructure and housing, as well as other sectors.
“We are proud to invest in India to be part of that growth story and will continue to invest in India to assist in making this vision a reality. We expect to announce further developments in due course.”