KOCHI: In a first for a cooperative society in the state, the Kerala Land Reforms and Development Co-op Society Ltd will soon foray into the hospitality sector. The Kozhikode-based organisation will set up a seven-star resort and spa at Sultan Bathery in Wayanad and hopes to make profits once the COVID-19-induced crisis subsides.
"While major private players are hesitant to invest money in the state, cooperative societies have no issues in finding big opportunities for investment. This is the first time that a society is making a huge investment in the hospitality sector," said society chairman CN Vijayakrishnan.
He is confident that the projects implemented in the cooperative sector won’t be affected by red-tapism as each cooperative society has a political backing. "The cooperative sector will, in fact, fuel Kerala’s growth and generate large employment opportunities in the state," he said.
"For all these years, a majority of cooperative societies in Kerala have been into banking activities. But with the Reserve Bank of India (RBI) bringing in tight control on the societies through new regulations, the future of credit societies in Kerala looks bleak and they have to look for other options," he said, adding they decided to set up the seven-star resort and spa considering the need to dabble in sectors which are primarily dominated by major private players.
"We are successfully running a hospital and operate various real estate projects. We want to show that a cooperative society is equally professional as a corporate firm in running a hospitality business," he added.