Metropolis wins CIDCO auction; to set up five star hotel

Pune-based Metropolis Hotels, a joint venture between Avinash Bhosale Group and Sun-N-Sand, will set up a five star hotel in Navi Mumbai over a 47,000 square metre plot, which the group won through an auction. Metropolis Hotels won this plot for Rs 283 crore in an auction organised by City and Industrial Development Corporation (CIDCO).

The plot, located slightly off the Palm Beach, is crucial considering the fast industrial developments in the region. Commenting on this business deal, group director Amir Bhosale said, "This is going to be our first venture in Navi Mumbai region. We plan to set up a 500 rooms luxurious five star hotel here."

The plot auction was announced by CIDCO and almost all the prominent player had participated in the auction.

Avinash Bhosale Group has recently announced a new residential township named Megapolis at Rajiv Gandhi Infotech Park, Hinjewadi, Pune. The group is also developing a number of commercial and residential projects in Pune city along with five star hotels.