Praveg announced the launch of its luxury resort operations on Bangaram Island, Lakshadweep, starting 18 January 2025. Known for its untouched natural beauty, Bangaram Island offers a serene and exclusive getaway, where guests can indulge in the island's tranquility while enjoying modern luxury amenities.
Lakshadweep has witnessed an unprecedented surge in tourism, with the number of visitors doubling over the past year. This remarkable growth highlights the increasing appeal of the islands as a must-visit destination for both domestic and international travelers. Praveg Limited's expansion into Bangaram Island aligns perfectly with this upward trend, catering to the rising demand for luxury and eco-conscious accommodations in this paradise.
The resort is poised to achieve an impressive occupancy rate of 50-60%, reflecting the high demand for sustainable luxury accommodations. The average room rate should be in the range of Rs 20,000 to 25,000. Praveg's expansion represents a strategic milestone for the company, with promising prospects for revenue growth, profitability, and shareholder value creation.