Grand-Gaube: a Hotel Residence for Ramloll Group

" We expect to start construction in the last quarter. With the international financial crisis, we had to delay the start of the project. Marketing of the product should begin in July or August , " says Bhooshan Ramloll, director of group Ramloll Bhooshan Property Ltd .

The expected initial investment amounted to Rs 1.5 billion. But given the small scale of the project, the cost has been reduced to Rs 700 million.

" It will not be a traditional hotel, but a hotel complex, built under Invest HotelScheme. People will be able to rent or buy an apartment by the sea , "says Bhooshan Ramloll.

Instead of the 200 hotel rooms originally planned, the residence include a hundred apartments. A contract will be awarded for the management of the residence.

Announced in the 2009 budget speech, the IHS project provides alternative financing mechanism to hotel developers. This system allows them to sell hotel rooms, villas and suites to individuals to accelerate the construction of new hotels.