Subsidiary Signs Hotel Operating Agreement with ITC Hotels for 'Mementos' Luxury Hotel at Chowk
Wholly owned subsidiary Dwellcons Pvt Ltd signed a Hotel operating agreement with ITC Hotels Ltd on September 24, 2026 for a luxury 'Mementos by ITC Hotels' property at the World Villas project, Chowk, Mumbai 3.0.
By ScoutQuest · · 2 min read
- Hotel Operating Agreement
- Signed with ITC Hotels Ltd on September 24, 2026 for 'Mementos by ITC Hotels' property
- Room Count
- 227 rooms including 44 suites
- Land Area
- 10 acres for hospitality footprint within 90 acre development
- Development Timeline
- Completion targeted in approximately three years
- Projected Annual Revenue at Maturity
- ₹150 to ₹200+ crores with 45% operating margin
What was announced
Dwellcons Private Limited, a wholly owned subsidiary of Arihant Superstructures, has entered into a Hotel operating agreement with ITC Hotels Ltd on September 24, 2026. The hotel will be developed under the Mementos by ITC Hotels luxury brand at the company's World Villas project at Chowk, Mumbai 3.0.
Scale of the project
- Hotel planned with 227 rooms, including 44 suites, and what the company describes as the largest banqueting of the city.
- Hospitality footprint of 10 acres, carved out of a total development area of 90 acres.
- Development phase slated for completion in an estimated period of three years.
Financial expectations stated by the company
The company says the property is projected to reach functional maturity within its first two years of operations. At that level, it expects estimated annual revenue of ₹150 to ₹200+ crores with an operating margin of 45%. Management frames this as long-term annuity income and as a boost to the overall asset valuation of the World Villas project.
Context
Arihant Superstructures is a real estate developer across the Mumbai Metropolitan Region and Jodhpur. It is currently developing 19 projects covering 21 million square feet, over 15,000 units, with estimated revenue potential exceeding INR 14,000 crores. It has already developed 12.7 million square feet comprising 14,200 units across 67 projects, spread over 12 micro-markets.
How investors may read it
This is an operating agreement with a recognised hotel brand rather than a completed asset. The revenue and margin figures are company projections tied to a property that still has to be built and stabilised, so timing and execution over the stated three-year development period, plus two years to maturity, matter. It also marks a step for the company beyond residential development into hospitality.
Also from Arihant Superstructures
NCDs of Rs. 70 crore redeemed; mortgage charge released on three project land parcels
23 Oct 2026
Board reconstitutes committees; Pradeep Mehta inducted as member, to chair Nomination & Remuneration
23 Oct 2026
Board approves Pradeep Mehta as Additional Independent Director for a 5-year term
23 Oct 2026
More numbers
- Hotel rooms227 rooms
- Suites44 suites
- Total development area90 acres
- Hospitality footprint10 acres
- Target completion periodthree years
- Projected annual revenue at maturity (lower end)₹150
- Projected annual revenue at maturity (upper end)₹200+ crores
- Expected operating margin45%
- Projects under development19 projects
- Area under development21 million square feet
- Estimated revenue potential of pipelineINR 14,000 crores
- Area already developed12.7 million square feet
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