Bengaluru-based realty firm Ferns Estates & Developers has forayed hospitality business and will make an investment intent of Rs 700 crore over the next three years to construct five resorts in Karnataka and Tamil Nadu.

The company has already delivered 23 real estate projects comprising 15 million sq ft area. It is developing 3.3 million sq ft area across four projects, one of which is in partnership with Prestige group.

The company will build five resorts, having 500 keys, at locations easily accessible from Bengaluru, Karnataka. The construction of the first resort, spread over 100 acre and 100 rooms, in Sakleshpur has started and the facility will open in September 2019.

The second 50 acre resort will be built in Chikkaballapur having 60 keys. The three resorts at Coorg, Bandipur and Yercaud are at planning stage. All the five resorts will be company-owned and company-operated.

The total construction cost of five projects will be Rs 700 crore. This excludes the cost of land that was bought long ago. The construction cost will be met through internal accruals and membership fee.