MMRDA Allocates 2.1-Acre Land in Mumbai’s BKC to Schloss Bangalore for Rs 1,302 Crore
The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a prime 2.1-acre land parcel in the Bandra-Kurla Complex (BKC) to Schloss Bangalore, a company backed by Brookfield Asset Management, for Rs 1,302 crore. The land will be used for a mixed-use project, including a 250-key luxury hotel.
MmrdaSchloss BangaloreBandrakurla ComplexLuxury HotelLand AllotmentReal Estate MumbaiJun 03, 2025
The company plans to develop a mixed-use project on this plot, which includes a 250-key luxury hotel. The land parcel, located in the G block of BKC, has a total permissible built-up area of over 3.62 lakh square feet. This strategic location in BKC, one of Mumbai’s most prominent business hubs, is expected to attract a significant number of business and leisure travelers.
Of the total payable premium for the 80-year lease, 25% is due within two months of the offer of allotment, and the remaining 75% is to be paid within ten months thereafter. The actual demarcation of the site may vary, and possession of the plot will be handed over after the full payment of the lease premium, as stated in a regulatory filing by the newly listed company on Tuesday.
A Schloss Bangalore-led consortium, including Arliga Ecospace Business Park and Schloss Chanakya, had submitted its bid for the land parcel in February. This acquisition is a significant step in the company’s strategy to deepen its presence in key domestic markets and selectively extend its footprint overseas.
Ankur Gupta, Managing Partner and Head of Asia Pacific and Middle East at Brookfield Asset Management, recently told ET that the company is actively working on seven new hotels to be added by 2028. These new properties will be spread across heritage, spiritual, wellness, and nature-led destinations. The new hotels will add over 678 keys to the company’s portfolio, representing a 19% increase over its current capacity.
Over the last six years, Schloss Bangalore has grown its portfolio from eight to 13 hotels, increasing its total inventory from 2,495 to 3,553 keys. The company’s portfolio includes five owned hotels, seven managed hotels, and one hotel that is owned and operated by a third-party owner under a franchise arrangement. This strategic expansion underscores the company’s commitment to delivering high-quality hospitality services and enhancing its market presence.
The acquisition of this prime land in BKC is not only a significant investment but also a testament to Schloss Bangalore’s vision for the future. The mixed-use project, with its luxury hotel and other amenities, is expected to become a landmark in the area, attracting both domestic and international visitors. This development is likely to contribute to the economic growth of the region and enhance the value of the BKC area as a premier business and leisure destination.
Frequently Asked Questions
What is the total lease premium for the land parcel in BKC?
The total lease premium for the land parcel in BKC is Rs 1,302 crore.
Who is backing Schloss Bangalore?
Schloss Bangalore is backed by Brookfield Asset Management.
What is the planned project on the 2.1-acre land in BKC?
The planned project includes a 250-key luxury hotel and other mixed-use amenities.
What is the total permissible built-up area of the land parcel?
The total permissible built-up area of the land parcel is over 3.62 lakh square feet.
How many new hotels does Schloss Bangalore plan to add by 2028?
Schloss Bangalore plans to add seven new hotels by 2028, adding over 678 keys to its portfolio.
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