MMRDA Allocates 8,411.88 Sq Meters Commercial Plot in BKC to Schloss Bangalore

NEW DELHI: The Mumbai Metropolitan Region Development Authority (MMRDA) has approved the allotment of a commercial plot in Bandra-Kurla Complex (BKC), Mumbai, to a consortium led by Schloss Bangalore.

The company, along with its subsidiary Schloss Chanakya and Arliga Ecospace Business Parks, an affiliate of Brookfield, submitted a binding bid to lease the plot for a duration of 80 years.

The plot area is 8,411.88 square meters, and the permissible built-up area is 33,647.52 square meters. This is subject to demarcation and may vary based on site conditions.

The total lease premium payable is ₹1,302 crore. Twenty-five percent of the total lease premium is payable within two months of the offer of allotment, and the remaining 75% within ten months thereafter.

The company intends to develop a mixed-use project, including a 250-key luxury hotel on this plot. The possession of the aforesaid plot will be handed over after the payment of the total lease premium.

This development is a significant step for Schloss Bangalore, as it expands its footprint in Mumbai's prime commercial district. The Bandra-Kurla Complex is a major business hub known for its high-value real estate and strategic location. The project is expected to attract both local and international investors, further boosting the real estate market in the area.

The MMRDA's decision to allocate this plot to Schloss Bangalore reflects the authority's commitment to fostering economic growth and development in the region. The mixed-use project will not only enhance the commercial landscape of BKC but also contribute to the overall economic vibrancy of Mumbai.

For Schloss Bangalore, this project represents a strategic investment that aligns with their vision of creating world-class hospitality and commercial spaces. The company has a strong track record in the real estate and hospitality sectors, and this new venture is expected to further solidify its position in the market.

The development of the luxury hotel and mixed-use project is anticipated to create numerous employment opportunities and stimulate local economic activity. It will also provide a boost to the tourism sector, attracting more visitors to the Bandra-Kurla Complex and Mumbai as a whole.

In conclusion, the allocation of this commercial plot in BKC to Schloss Bangalore is a significant milestone in the real estate and hospitality sectors. It is expected to contribute to the economic growth of the region and enhance the quality of commercial and hospitality offerings in Mumbai.