MUMBAI: The Indian Hotels Company, which owns and operates the Taj brand of luxury hotels and a few other soupped down labels, has announced a Rs 2,500-crore investment to develop a new 330-key hotel, the Taj Bandstand, in the megapolis, making it the fifth Taj branded hotel in Mumbai, including the iconic Taj Mahal Palace at the Gateway.
The new hotel will come up on a two-acre plot that once housed the Sea Rock Hotel, near the Bandra fort, which the Tatas had bought for Rs 680 crore in 2009 and then demolished it and now being rebuilt as the Taj Bandstand with 330 keys, 85 apartments with multiple dining options, and convention center and commercial complex.
The Sea Rock Hotel was a 440-room hotel in Bandra and used to be a popular destination for film stars and other celebrities. The hotel was damaged in the blast in 1993 serial blasts, which led to a legal battle between EHIL and ITC Welcome group. The dispute was eventually settled out of court. The hotel was bought from the Nandas, who also owned the Claridges.
However, the new project faced inordinate delays due to litigations, environmental clearance, and extra FSI.
The work of the new property will begin in the second half of this year and complete the project over the next four years," said IHCL chief executive Puneet Chhatwal addressing media in Mumbai on Monday at the groundbreaking ceremony. Maharashtra chief minister Devedra Fadanvis and Tata Sons chairman N Chandrasekaran were also present at the ceremony.
Chhatwal said the new hotel when completed will create direct jobs of around 1,000 and indirect employment for over 7,000 people.
The Tatas opened their first hotel, The Taj Mahal Palace, in Bombay in 1903 and has become an icon of the city’s cultural fabric.
Chhatwal said the Rs 2,500-crore investment in the new hotel includes the cost of land. He also said the group has secured all necessary permissions for the project, with only a few minor approvals pending.
The IHCL already operates the Taj Lands End, a property located next to the upcoming Taj Bandstand. A road separates the two properties, with the historically significant Bandra fort nearby.
City is already home to four Taj properties, including the Taj Mahal Palace near the Gateway, and Taj Land’s End in Bandra, Taj Vivanta in Cuffe Parade, and the Taj airport near the domestic terminal.
The work of the new property will begin in the second half of this year and complete the project over the next four years," said IHCL chief executive Puneet Chhatwal addressing media in Mumbai on Monday at the groundbreaking ceremony. Maharashtra chief minister Devedra Fadanvis and Tata Sons chairman N Chandrasekaran were also present at the ceremony.
Chhatwal said the new hotel when completed will create direct jobs of around 1,000 and indirect employment for over 7,000 people.
The Tatas opened their first hotel, The Taj Mahal Palace, in Bombay in 1903 and has become an icon of the city’s cultural fabric.
Chhatwal said the Rs 2,500-crore investment in the new hotel includes the cost of land. He also said the group has secured all necessary permissions for the project, with only a few minor approvals pending.
The IHCL already operates the Taj Lands End, a property located next to the upcoming Taj Bandstand. A road separates the two properties, with the historically significant Bandra fort nearby.
City is already home to four Taj properties, including the Taj Mahal Palace near the Gateway, and Taj Land’s End in Bandra, Taj Vivanta in Cuffe Parade, and the Taj airport near the domestic terminal.
Maharashtra CM Fadnavis said; "this hotel was very dear to the late Ratan Tata. He himself had mentioned to me once that there were certain issues which we needed to resolve. And the group wanted to put up a hotel which would not just be a hotel, but it will be pride of Mumbai as it is going to change the skyline of Mumbai."
The project will also include development and maintenance of surrounding areas with landscaped gardens, sporting and recreation activities as well as entertainment options paying tribute to the city's diverse and rich cultural heritage.
With the addition of this hotel, IHCL will have 17 hotels in Mumbai, including five under development, Chhatwal said.