Schloss Bangalore (The Leela Hotels) said it has received Mumbai Metropolitan Region Development Authority (MMRDA’s) allotment for a commercial plot in Bandra Kurla Complex (BKC) for a total lease premium of ₹1,302 crore. The company plans to set up 250- key luxury hotel on land.
The company, as the lead member of a consortium, along with Schloss Chanakya Private Ltd, its subsidiary, and Arliga Ecospace Business Parks Private Ltd., an affiliate of Brookfield, submitted a binding bid to lease a plot of land for a duration of 80 years.
“We were the highest bidder for this lease, based on the evaluation of the financial bid conducted by MMRDA on April 4, 2025. The plot area is 8,411.88 sqm and the permissible built-up area is 33,647.52 sqm. The total lease premium payable is ₹1,302.16 crore wherein 25% of the total lease premium is payable within 2 months of the offer of allotment and the remaining 75% within ten months thereafter,” the company said in a filing.
“The possession of the aforesaid plot shall be handed over after the payment of the total lease premium. The company intends to develop mixed-use project, including a 250 key luxury hotel on this plot,” it added.
Published – June 03, 2025 08:45 pm IST
