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A consortium led by Schloss Bangalore (The Leela) has secured an 80-year lease for a prime commercial plot in Mumbai's Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA). The consortium, which includes Arliga Ecospace Business Park Pvt Ltd and Schloss Chanakya Pvt Ltd, plans to develop a mixed-use project, featuring a 250-key luxury hotel. The plot, spanning 8,411.88 sq m with a permissible built-up area of 33,647.52 sq m, comes with a total lease premium of INR 1,302.15 crore. The highest bid was submitted earlier this year following MMRDA's evaluation process.
Schloss Bangalore, operating under The Leela brand, revealed earlier this week that a commercial plot in Mumbai's Bandra-Kurla Complex (BKC) has been allotted to a consortium led by the company. The allotment was made by the Mumbai Metropolitan Region Development Authority (MMRDA), following the consortium's binding bid submission. Advertisement
The company stated via a regulatory filing that the consortium, which also includes Arliga Ecospace Business Park Pvt Ltd and Schloss Chanakya Pvt Ltd, plans to develop a premium mixed-use complex on the site. This ambitious development will feature, among other components, a 250-key luxury hotel, further reinforcing The Leela's expansion into India's hospitality market.
The commercial plot, measuring 8,411.88 square metres, allows for a permissible built-up area of 33,647.52 square metres, pending final demarcation and assessment of site conditions.
The deal comes with a total lease premium of INR 1,302.15 crore. Of this, 25% is to be paid within two months from the date of the offer of allotment, while the remaining 75% is scheduled for payment within ten months thereafter. The possession of the plot will be granted upon completion of the full lease premium payment.
Schloss Bangalore noted that it had emerged as the highest bidder for this lease, following the financial evaluation conducted by MMRDA earlier in April.
As demand for high-end hospitality and commercial real estate continues to climb in prime metros like Mumbai, this move is likely to solidify Schloss Bangalore's standing as a key player in India's evolving urban landscape.
Source - PTI
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