Eraaya Lifespaces to tap booming leisure tourism with fresh acquisitions

Eraaya Lifespaces has invested Rs 500 million in fresh acquisitions, the company said in an exchange filing. According to the company, the investment has been made considering the booming leisure tourism market and shows its strategic approach towards meeting the needs of travellers. Out of Rs 500 million, the company has invested Rs 30 million in the acquisition of a luxury Staycation property at Lonavala - a popular destination for weekend getaways and leisure trips - and the remaining Rs 470 million for the acquisition of commercial retail spaces in the largest mall located near the International Airport at Mohali, the satellite city of Chandigarh. "Eraaya Lifespaces' selection of locations for its Designer, Luxury Staycation properties demonstrates an intense understanding of the booming leisure tourism market and a strategic approach to meeting the needs of discerning travellers," the company said. This investment in a luxury cottage will allow the company to cater to the demand of urban dwellers seeking a luxurious escape from city life. The hospitality industry in India is estimated at USD 247.31 billion in 2024, and is expected to reach USD 475.37 billion by 2029, growing at a CAGR of 13.96 per cent during the forecast period (2024-2029). 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