Project News Detail
| Project No : | 205665 |
|---|---|
| Project Title : | Schloss Bangalore gets plot allotment approval for Rs 1,302-cr luxury hotel in Maharashtra |
| Company Name : | Private Company |
| Project Detail : | Schloss Bangalore, which operates the luxury hotel brand ‘The Leela,’ has received official allotment approval for a prestigious hospitality project in Mumbai’s Bandra Kurla Complex (BKC). The Mumbai Metropolitan Region Development Authority (MMRDA) granted the allotment on 02 June, as per the company’s exchange filing. The project includes the development of a 250-key luxury hotel on a prime 8,412 sq.mtrs. plot in one of Mumbai’s most prominent commercial hubs. The lease for the plot has been awarded to Schloss Bangalore and its consortium partners for a tenure of 80 years. The total lease premium payable by the consortium is over Rs 1,302 crore. According to the terms outlined in the filing, 25 percent of the premium is due within two months from the date of the allotment offer. The remaining 75 percent must be settled within the following ten months. The company stated that possession of the land will be granted only after full payment of the lease premium. This marks a significant expansion for The Leela brand in Mumbai and reflects growing interest in luxury hospitality developments in high-value urban areas. |
| Project Location : | Mumbai - Maharashtra - India |
| Project Estimation : | Refer Document |
| Status : | Announced |