Times of India

Bangalore, Mar 16: The king of good times, Vijay Mallya, is all set to clinch two mega land deals. 

On the foothills of the Himalayas, Mallya is said to have picked up around 1,000 acres of land located between Rishikesh and Kedarnath that encompasses three mountains at a price close to Rs 300 crore. Down south, the flamboyant business tycoon is close to picking up an islet Thinnakkara, off the Bangaram Island in Lakshwadeep. 

“The island property is likely to be on either a 99-year lease period or 50-year lease period,” said sources close to the development. Realty sources said the land price on the islet is Rs 6 crore per acre. 

“Mallya has been eying the island for over two years,” sources said. 

The acquired land will be used to develop high-end leisure resorts. “Mallya’s foray into the leisure resort business will in all probability be made under his leisure brand company VJM Resorts. He is also looking to draw synergies from Kingfisher Airlines and Kingfisher Holidays to offer his guests the complete travel experience,” said a source. 

V J M Re s o r t s, which ope r at e s s o m e three resorts in S o u t h Africa, is a private company owned by Mallya, outside the ambit of the UB Group. 

Mallya was unavailable for a confirmation on the developments as he in Melbourne to launch his F1 team Force India at the on-going Formula 1 race. 

Sources said Mallya has hired people for top-level positions in the venture to manage the business. 

Thinnakkara, to be named Kingfisher Island, has no inhabitants. The resort to be developed will be called Kingfisher Resort. The islet is said to offer a breathtaking spectacle of sparkling coral reefs, turquoise blue lagoons, unspoilt beaches and lush green coconut palms.

“While some are advising Mallya to have a management tie-up to run the resorts with a global hospitality major such as Four Seasons, he (Mallya) wants to develop and run it on his own,” said a source.
The island will sport a small airstrip that would handle helicopter services from Agatti. Kingfisher Airlines offers daily flights from Cochin to Agatti.

According to real estate sources that have visited the Himalayan property, “Mallya has got himself a brilliant property on the foothills of the Himalayas. The property is surrounded by three mountains and has the Ganges flowing through it.”