IHCL to come up with its new project soon after dispute settles
Five years after the Indian Hotels Company (IHCL) acquired the landmark Sea Rock Hotel in Mumbai’s western suburb of Bandra, its plan to redevelop the asset and integrate it with the nearby Taj Land’s End still remains on paper.
The project, said chairman Cyrus Mistry at IHCL’s 113th annual shareholders’ meeting, has been delayed because of pending municipal approvals. IHCL had paid an Rs 680 crore to acquire the erstwhile Sea Rock property and the redevelopment work was supposed to start in 2010.
However, the project has been stuck due to the extra floor space index (FSI) allocation dispute. Typically, it takes three years to build a luxury hotel before it is thrown open to guests. But it seems that patrons will have to wait a little longer.
The Indian Hotels Company are looking forward to start the development soon; however the dispute is causing them a lot of time. The property that was bought by the IHCL was discussed from long before. However we expect the dispute to end soon and another lavish hotel under the IHCL to come up.
Source: The Economic Times
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