The consortium, spearheaded by Schloss Bangalore alongside its subsidiary Schloss Chanakya Pvt Ltd and Arliga Ecospace Business Parks Pvt Ltd — a Brookfield affiliate — submitted the highest financial proposal for Plot No. 80 in the ‘G’ Block of BKC. MMRDA confirmed the winning bid on April 4, 2025.
The plot spans 8,411.88 square meters, with a permissible built-up area of 33,647.52 square meters, pending final demarcation. The lease extends for 80 years, and the total lease premium amounts to ₹1,302.15 crore. Of this, 25% is payable within two months of the allotment offer, with the remaining 75% due over the subsequent ten months.
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According to a Government of Maharashtra notification dated July 19, 2024, the plot qualifies for additional built-up area under a scheme by MMRDA that is valid until July 18, 2026, following its 159th meeting on March 28, 2025. The consortium intends to seek an extra 33,647.52 square meters of built-up area under this guideline.
The planned development will feature a mixed-use project that includes a 250-key luxury palace hotel with associated amenities and the Arq Club, along with a commercial tower of approximately 700,000 square feet in chargeable area terms. The ultimate configuration will depend on design and planning considerations, and the actual areas may vary. Possession of the land will be granted once the full lease premium has been settled.
Founded on March 20, 2019, Schloss Bangalore is a luxury hospitality company operating under “The Leela” brand in India. It owns, operates, manages, and develops luxury hotels and resorts, providing premier accommodations and personalized services inspired by Indian hospitality.
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As of May 2024, the company operates 12 properties with 3,382 keys under The Leela Palaces, Hotels, and Resorts. Five of these — located in Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur — are entirely owned.
For the fiscal year ending March 31, 2025, the company reported a profit of ₹47.66 crore and revenue of ₹1,406.56 crore. Previously, the firm recorded a net loss of ₹2.13 crore and revenue of ₹1,226.50 crore for FY24.
First Published: Jun 3, 2025 9:08 PM IST
