Schloss Bangalore, known for its luxury hotel brand The Leela, has been granted an 80-year lease for a prime plot in Mumbai’s Bandra Kurla Complex (BKC). The Mumbai Metropolitan Region Development Authority (MMRDA) approved the allotment on June 2, designating an 8,412-square-meter area for the development of a 250-key luxury hotel.
The lease premium for this project stands at INR1,302 crore, with 25 percent payable within two months of the allotment and the remaining 75 percent due over the following ten months. Possession of the plot will be granted upon full payment.
This development represents a significant expansion for Schloss Bangalore, aligning with its growth strategy in metropolitan markets. Despite its shares debuting at INR406.50 on June 2—a 6.55 percent discount to the IPO price of INR435—the stock rebounded, closing at INR435.10 on June 3.
The project is poised to elevate the standard of luxury hospitality in Mumbai, combining The Leela’s hallmark elegance with world-class service in the heart of BKC, one of India’s most sought-after business districts.
Source: Business Line
