 "(From left) N Chandrasekaran, chairman, Tata Sons; Devendra Fadnavis, CM, Maharashtra; and Puneet Chhatwal, MD and CEO, IHCL, during a Bhoomi Pujan of Taj Bandstand, in Mumbai on Monday photo: KAMLESH PEDNEKAR")
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Indian Hotels Company (IHCL), the operators of Taj Hotels, will invest Rs 2,500 crore to add another Taj property in Mumbai.
The construction of the Taj Bandstand, which will house 330 rooms, 85 apartments, and convention spaces, is expected to commence in 2025, Puneet Chhatwal, managing director and chief executive officer, IHCL said on the sidelines of the Bhoomi Pujan of the hotel. The project is expected to be completed within four years.
“This investment includes the acquisition cost of the land,” Chhatwal added. IHCL has received pre-construction approvals, with a few minor permissions pending. With this, Mumbai will have five Taj hotels with one under development.
Chhatwal said the Taj Mahal Palace, Colaba, currently contributes revenue of nearly Rs 800 crore, and will reach Rs 1,000 crore in the next few years.
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“Together (Taj Lands End and Taj Bandstand), it could offer about 800 to 850 rooms, with or without apartments and with the combined conference facilities, it will establish a completely new micro-destination within Mumbai,” he noted.
Earlier, the two acres of land where the Bandstand property would come up had housed the Sea Rock Hotel owned by Suresh Nanda, chairman, Claridges Hotel. IHCL acquired it for Rs 680 crore.
The project will also include the development and maintenance of the surrounding area, the company said in a statement.
Chhatwal further stated that 20 per cent of domestic revenue for IHCL comes from Mumbai and Maharashtra.
“We have signed a memorandum of understanding for the first Taj hotel in Nagpur, and we are very close to announcing a resort in Sindhudurg,” said Chhatwal.
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