The 120-year-old Taj Mahal Palace in Mumbai is Indian Resort Firm Ltd’s (IHCL) flagship property. It’s also the corporate’s largest cash spinner contributing round ₹800 crore in annual income.
4 years from now, Mumbai will get one other hospitality landmark that may match Taj Mahal Palace in its income.
On Monday, Chief Minister Devendra Fadnavis and Tata Sons chairperson N Chandrasekaran carried out the bottom breaking ceremony of the Taj Bandstand lodge.
Taj Bandstand could have 330 luxurious rooms, 85 service flats, 20,000 sq ft of conference halls, buying areas and a number of eating choices.
Taj Bandstand, which was late Ratan Tata’s dream mission, will come up in place of Sea Rock lodge overlooking the Arabian Sea.
The Taj Bandstand website is reverse Taj Lands Finish and collectively these will provide over 800-850 rooms.
IHCL is investing ₹2,500 crore in the mission and this consists of land acquisition and pre-construction bills, mentioned firm’s managing director & CEO Puneet Chhatwal. He added that Taj Bandstand could have a income potential of ₹1,000 crore a 12 months upon stabilisation.
IHCL is awaiting clearance from the municipal company to start building and hopes to prepared the lodge earlier than finish of 2028. 4 acres of area on the website is being put aside for public services like park, amphitheatre and so forth.
Chandrasekaran mentioned the lodge can be constructed with the very best normal of luxurious and can change into one other image for the town. The open area exterior the lodge will present a novel and pleasurable expertise for residents, he added.
Sea Rock saga
Sea Rock was suburban Mumbai’s first 5 star lodge and a preferred jaunt for its celebrities. It was constructed by the Luthria household in 1978. ITC took over its operations in 1986 following a licence settlement with its house owners. The lodge was broken in a terror assault in 1993. It didn’t open thereafter following a dispute between its house owners and the ITC group.
In 2005, Suresh Nanda of the Claridges Resort bought the property for ₹300 crore. 4 years later IHCL checked in, buying 85 per cent stake from the Nanda household. Nonetheless the event plans remained caught as a result of litigation and setting clearance points.
IHCL acquired the remaining stake in 2020 and thus turned the hundred per cent leasehold proprietor of the Sea Rock lodge website.
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