Praveg Ltd secures work order for Luxurious Tent Resorts in Lakshadweep's Bangaram and Thinnakara Islands

Praveg Limited, India's leading ecoresponsible luxury resorts company, announced the award of prestigious work orders by the Department of Tourism, Union Territory of Lakshadweep. The company is set to embark on the Development, Operation, Maintenance, and Management of luxury tent accommodations and a plethora of commercial activities on Thinnakara Island and Bangaram Island. This ambitious project envisions the creation of 200 luxury tents on Thinnakara Island and 150 on Bangaram Island, complemented by an array of high-end amenities including Scuba Diving, Destination Weddings, Corporate Events, Private Gatherings, a Health and Wellness Centre, Children's Play Area, and a Coffee Shop among others. The initial term of the project spans five (5) years, with the possibility of a two (2) year extension.

Mr. Vishnu Patel, Chairman of Praveg Limited, expressed his enthusiasm about the new venture, stating, "It is with immense pride that we embark on this journey to enhance the beauty and accessibility of Bangaram and Thinnakara Islands through our eco-friendly and luxurious hospitality solutions. We are deeply grateful to the Lakshadweep Tourism Department for their confidence in Praveg. We are excited to introduce our guests to an unparalleled experience of sustainable luxury through the Praveg Tent City project."

The Lakshadweep Islands, renowned for their accessibility courtesy of a local airstrip, offer unparalleled ease of access compared to many secluded islands. Among these jewels, Thinnakara stands as a captivating retreat, a mere 8 km from Agatti's airport. This teardropshaped oasis is a testament to untouched beauty, boasting pristine lagoons, peaceful beaches, gleaming sands, and iconic palm scenery, alongside a rich tapestry of marine life that paints a vivid picture of archipelagic splendor. Meanwhile, the expansive 120 acres of Bangaram Island, a tranquil haven seldom disturbed except by visitors from nearby Agatti, is surrounded by a coral reef-laced lagoon, marking it as a premier global escape. Here, amidst lush coconut groves, a diverse ecosystem including fish, porcupines, parrots, pufferfish, hermit crabs, and seabirds flourishes, offering a serene backdrop that fosters a profound sense of well-being and a deep connection with the unspoiled charm of nature.

The addition of these new luxury tented resorts significantly enhances Praveg Limited's footprint in the eco-luxury hospitality sector, increasing its operational portfolio to 10 properties, with an ambitious 16 more projects underway. In December 2023, Praveg was entrusted with a project on Agatti Island, Lakshadweep, to develop 50 luxurious tents, with completion targeted for the first quarter of FY25 with an average room rate of INR 15000 to INR 20000. This recent expansion brings Praveg's total number of upcoming accommodations in Lakshadweep to 400 rooms. As the travel and tourism industry continues to see robust demand, Praveg anticipates strong occupancy rates of 40% to 50% across its new properties, reflective of the growing demand for sustainable and exclusive travel experiences.

Shares of Praveg Ltd was last trading in BSE at Rs. 851.55 as compared to the previous close of Rs. 898.40. The total number of shares traded during the day was 138468 in over 4504 trades.

The stock hit an intraday high of Rs. 911.95 and intraday low of 841.00. The net turnover during the day was Rs. 120549821.00.

Source : Equity Bulls

Keywords

Praveg INE722B01019 Luxury TentResorts Lakshadweep Bangaram Thinkkara Islands