The Bloom Hotel Group, won the Best Budget Hotel of the Year award at The Hospitality Leaders Industry Choice Awards 2019. The ceremony was hosted by IDE Consulting Service Pvt Ltd at W Hotel, Vagator.
Bloom operates eleven hotels across India. The winning hotel, bloomrooms @ Janpath, is located in New Delhi and was well publicized for opening in less than 100 days. It is said to be one the quickest hotel construction project in India. Meanwhile in Goa, the group has two hotels in Calangute, a 125 room BloomSuites and 52 room Bloomrooms.
Tom Welbury, Bloom Hotel group said: “The award will be a huge confidence boost for our team who are well on track to grow to 100 hotels across South Asia by 2020. It is fitting to pick-up this accolade in Goa where we see a fantastic opportunity to add many more world-class hotels in future. Bloom takes pride in being quality obsessed and is leading the affordable hotel space. The only thing budget about Bloom is the price, with a product that is premium and offers an ultra clean, crisp and comfortable experience to its customers.”
The Bloom brand portfolio has been conceptualized in conjunction with several industry experts ranging from university professors to leading architects. Its mission over the past five years has been to revolutionize the affordable hotel space with a highly innovative, outstanding product.
High cement prices squeeze local builders
With cement prices increasing by 15.6 per cent in short span of five months, Goan real estate players are complaining of sharp increase in costs, reports Team B&C
While expectation from industry is high from the new NDA government, the Goan real estate industry is hoping for respite from soaring cement prices.
According to industry players, sudden surge in cement prices has affected their operations badly.
It is resulted in overall increase in cost of production and squeezed profit margins, said local realty players.
Prices in the state increased for the fourth time recently in the month of May 2019, from Rs 320 per bag (Ultratech) to Rs 370 per bag. “It is an increase of 15.6 per cent,” said an anguished builder. He said that the local real estate industry is currently facing slow demand. “With a recession and most of us holding inventory of unsold flats, it is a cost burden that we can ill afford,” said the builder.
“Cement companies have increased their prices for the fourth time since in the current year. The non-availability of sand and laterite is also adding to our woes,” said Nilesh Salkar, president, CREDAI- Goa.
The trend in cement rates in the state during 2019 is steadily upwards, from Rs 320 per bag in January to Rs 365 per bag in February, followed by Rs 365 in April 2019 and further Rs 370 per bag in the present month. On the other hand, in the last quarter of 2018, cement prices in Goa were slightly volatile. The price per 50 kg bag was Rs 330 in October 2018 after which it fell to Rs 320 per bag in December 2018.
According to local real estate companies, the price hike in cement is all-India. Reportedly new players in the cement industry to survive cost pressure are hiking prices giving a window of opportunity to old, large players.
Meanwhile the future outlook on cement prices is not good either. Current high prices are expected to sustain on the back of growing demand. A south based cement company said that, the escalation of cement prices is not an unusual occurrence given that, in 2015 the price of cement in Chennai went up to Rs 415 per bag.
“In the last four years, cement prices have not even touched 2015 levels, so it is not right to say that prices have hit the roof,” said the producer. According to the cement industry, the share of cement is insignificant in the total construction cost. Only half a bag of cement is required per sq. ft. Even if the price increase is Rs 30 to Rs 40 per bag, its contribution to the construction cost would be only Rs 20 per sq. ft, they argue.