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TMI BlogIHCL to invest Rs 2.5K cr for new property in MumbaiX X X X Extracts X X X X X X X X Extracts X X X X ..... IHCL to invest Rs 2.5K cr for new property in Mumbai X X X X Extracts X X X X X X X X Extracts X X X X ..... Director and Chief Executive Puneet Chhatwal said. The facility will create direct employment for 1,000 people, while the indirect ones like cab drivers etc will take the overall employment to over 7,000. The new property is coming up on a two-acre land parcel that once housed the Sea Rock Hotel, which was one of the sites bombed in 1993 serial blasts. IHCL bought the property for Rs 680 cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and demolished the structure completely. Chhatwal said the investment includes the cost of land and added that all necessary permissions for the development have been obtained, except for a few minor ones. A groundbreaking ceremony for the new hotel was held on Monday in the presence of Maharashtra's Chief Minister Devendra Fadnavis and Tata Sons Chairman N Chandrasekaran. IHCL already has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a property - Taj Lands End - right next to the upcoming hotel. A road passes between the two plots to the historically significant Bandra Fort. The financial capital already has four properties of the company, including the iconic Taj Mahal Palace off the Gateway of India, which was the Tata Group's maiden hospitality venture. Speaking to reporters, Chhatwal said the company is seeking to bui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld a 165 metre-tall structure on the plot, and has got permissions to build a 145 meters tall one as of now. Some minor permissions are yet to be received, he said, pointing that this includes one to commence construction. When asked about the road passing by right in between two properties and what are the company's plans, Chhatwal said the company has no specific plans and that both properti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, Taj Lands End and Taj Bandstand, will "complement" each other. He was quick to add that in places like Singapore and Frankfurt, there have been developments like underground connections but added that it is for the city planners to decide on such aspects. The company aims to create a new micro-destination within Mumbai having over 800 combined rooms and conference halls, he said. The new ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property, which will include 330 rooms and 85 service apartments for longer stays, should ideally be complete by 2029, he said, adding that once the final permissions are in place, it may decide to increase the total number of rooms as well and reduce the service apartments. At present over 20 per cent of the company's revenues come from Maharashtra, and Mumbai contributes a sizable chunk of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same, he said, adding that the company has been present in the financial capital since 1903.
The company also announced its plans to have one more property in Nagpur. PTI IAS AA MR MR X X X X Extracts X X X X X X X X Extracts X X X X
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