Arihant to have ITC-run 227-room hotel at its World Villas project in Karjat

Arihant Superstructures' subsidiary Dwellcons has signed a hotel management agreement with ITC Hotels for a 227-room luxury hotel at World Villas, Chowk, in the Karjat area of Raigad district. The agreement was signed on 24 September 2026, and the company disclosed it to stock exchanges after its board meeting on 3 November 2026. The hotel will operate as Mementos by ITC Hotels Karjat.

What is being built

The hotel will have 227 keys, including 44 suites, on a 10-acre parcel inside the 90-acre World Villas site. ITC Hotels said the property will include more than 60,000 square feet of indoor event space, including a grand ballroom and flexible meeting venues, and more than 30,000 square feet of outdoor lawns for functions. Food and beverage outlets will include an all-day dining restaurant, specialty restaurants, a bar and a tea lounge. The wellness offering will include a spa, a fitness centre and swimming pools. Management expects the hotel to have one of the region's largest banqueting facilities.

Anil Chadha, managing director of ITC Hotels, said: “Karjat, with its picturesque setting, excellent connectivity and growing prominence as a hub for celebrations and retreats, is well-positioned to cater to this demand.” ITC announced the management contract on 14 October 2026.

Who owns and runs the hotel

Under the arrangement, Arihant will own the hotel property, while ITC Hotels will manage and operate it. The hotel land has been transferred to Dwellcons. Earlier, the board had approved the sale of Raigad land to Dwellcons on 15 May 2026. Ashok Chhajer, chairman and managing director of Arihant, said the group aims to build a destination for holidays, celebrations and retreats in Maharashtra.

The company has not disclosed the land value or the hotel's construction budget. It said it had built a 4% to 5% rise in total construction cost over the preceding eight to nine months into its estimates. The hotel will sit in a separate entity, and both the hotel and the Gymkhana assets at World Villas will be financed for construction.

What it means for buyers and investors

For residential buyers, the hotel agreement does not change sales terms, and no buyer-facing price change has been reported. Listing sites show different price ranges and unit counts for World Villas residential homes, so buyers should check the project's RERA filing before deciding. A RERA possession date of 1 March 2030 is cited for the residential phase.

For investors, Arihant is positioning the hotel as a source of ongoing income from operations rather than one-time property sales. The company has not quantified that income. In the half year to September 2026, its consolidated revenue rose to ₹264.81 crore from ₹243.62 crore a year earlier, and profit after tax rose to ₹16.55 crore from ₹15.66 crore. On the earnings call, the company reported net debt of ₹827 crore.

The site is reached via the Chowk-Karjat Road and the Mumbai-Pune Expressway. Aggregator data puts Karjat Phata Chowk about 1.3 km away and Chowk station about 2.7 km away. An upcoming railway station at Chowk on the Panvel-Karjat route has no announced opening date.

What happens next

• Construction, which management expects to take about three years
• Revenue from FY29, according to management's expectation
• Opening date, which neither ITC Hotels nor Arihant has announced
• Postal ballot notice approved at the 3 November 2026 board meeting, with details not separately disclosed

Mementos by ITC Hotels Karjat is an Upcoming hotel. Neither ITC Hotels nor Arihant has yet published room rates, floor plans or images of the rooms, so buyers and guests have no booking details for now.