Schloss Bangalore granted the BKC land on which to develop a luxury hotel
By Bricksnwall | 2025-06-04
The company-led collaboration, which includes
partners Arliga Ecospace Business Park Pvt Ltd and Schloss Chanakya Pvt Ltd,
has been granted an 80-year lease.
MUMBAI: Schloss Bangalore (The Leela), which is
sponsored by Brookfield, has been given a commercial site at the Bandra Kurla
Complex (BKC) for the development of a mixed-use project that will feature a
250-key luxury hotel, according to regulatory documents. The 80-year lease was
given to a company-led collaboration that includes Arliga Ecospace Business
Park Pvt Ltd and Schloss Chanakya Pvt Ltd.
The allotment is one of two major agreements struck
by the Mumbai Metropolitan Region Development Authority (MMRDA). The other is
with Goisu Realty Pvt Ltd, which is a subsidiary of Japanese real estate
developer Sumitomo Realty & Development Company. The corporation has been
granted an 80-year lease for two plots in BKC.
According to officials, the MMRDA handed over the
allotment letters for these sites on June 3 in the presence of Chief Minister
Devendra Fadnavis and Japanese consul-general Koji Yagi.
The transactions totalled ₹3,840.49 crore. MMRDA would earn ₹3,840.49 crore from three plots totalling 8,6321.80 sq m. The average price per square metre is 4,44,902.80, compared to a reserve price of 3,44,500 for commercial plots with an 80-year lease.
The leases with the two global investors are
expected to provide a significant financial boost to MMRDA, which is
responsible for 10 years of infrastructure development, including metro
corridors, elevated highways, and critical links. It generates revenue to
support its megaprojects through the sale of its land bank,
infrastructure-related earnings, and revenue from the metro network that it
manages.
In February, the MMRDA announced a tender for seven
BKC sites. This round includes offers for three properties owned by Schloss
Bangalore and Goisu Realty. The MMRDA discovered no bidders for the remaining
four properties, three of which are residential and one commercial. Bids are
likely to be enabled on these websites again.
In 2022, MMRDA got ₹2,067 crore from Goisu Realty
Pvt Ltd to lease two land lots in BKC. In 2019, Goisu Realty leased a
12,486-square-meter property in BKC for ₹2,238 crore, which was one of the
largest land deals by a foreign company in India.
Based on information from PTI.
Source: Hindustan Times
