Arihant Superstructures Ltd.’s wholly owned subsidiary, Dwellcons Pvt. Ltd., has entered into a hotel operating agreement with ITC Hotels Ltd. for a 227-room luxury hotel under the ‘Mementos by ITC Hotels’ brand at its World Villas development in Chowk, Mumbai 3.0.
The agreement was signed on September 24, 2026. The hotel will comprise 227 rooms, including 44 suites, and will occupy about 10 acres within the 90-acre World Villas development. Construction and development are targeted for completion in approximately three years, according to the company.
Arihant also said the hotel is planned with a large banqueting component. The hospitality component is intended to cater to destination weddings, meetings, incentives, conferences and exhibitions (MICE), and leisure travellers, forming part of the broader World Villas master-planned development.
The company expects the hospitality venture to establish a long-term annuity income stream. Once operational, Arihant expects the property to reach functional maturity within its first two years. At that stage, Arihant expects the hotel to generate annual revenue of ₹150–200 crore or more, with an operating margin of about 45%.
World Villas is being developed as a mixed lifestyle and residential destination in Chowk. The company has allocated 10 acres specifically for the Mementos hotel within the larger 90-acre development, positioning the hospitality asset as an anchor component of the project. The company said the addition of the hotel is also expected to support the overall asset value of World Villas and establish a long-term annuity-income model.
For Arihant Superstructures, the agreement also represents a further move beyond residential development into hospitality. The company said its current portfolio spans luxury, mid-income and affordable housing, while it is also expanding into hospitality and sports infrastructure.
Arihant is currently developing 19 projects covering 21 million sq ft, comprising more than 15,000 units with estimated revenue potential exceeding ₹14,000 crore. It has previously developed 12.7 million sq ft across 67 projects, comprising about 14,200 units. Its current portfolio covers 12 micro-markets, including Panvel, Kharghar, Vashi, Kalyan, Titwala, Karjat, Chowk, Khopoli, Taloja, Thane, Badlapur and Shilphata.
