Schloss Bangalore Gets BKC Plot from MMRDA on 80-Year Lease for Luxury Hotel Project

Brookfield-backed Schloss Bangalore, known for its association with The Leela brand, has secured an 80-year lease on a commercial plot in Mumbai’s Bandra Kurla Complex (BKC). The company plans to develop a mixed-use project on the site, which will include a 250-key luxury hotel. The lease was awarded to a consortium led by Schloss Bangalore in partnership with Arliga Ecospace Business Park Pvt Ltd and Schloss Chanakya Pvt Ltd.

The allotment is part of two major land lease deals signed by the Mumbai Metropolitan Region Development Authority (MMRDA). The second deal is with Goisu Realty Pvt Ltd, a subsidiary of Japan-based Sumitomo Realty & Development Company. Both leases were granted on June 3, with the formal handover taking place in the presence of Maharashtra Chief Minister Devendra Fadnavis and Japanese Consul-General Koji Yagi.

The total value of the two transactions is ₹3,840.49 crore. Combined, the three plots involved cover a built-up area of 86,321.80 square metres. MMRDA stated that the average price achieved was ₹4,44,902.80 per square metre, higher than the reserve price of ₹3,44,500 set for commercial plots with 80-year leases.

These transactions are expected to contribute significantly to MMRDA’s funding pool. The agency is currently engaged in extensive infrastructure development across the Mumbai Metropolitan Region (MMR), including metro corridors, elevated roads, and connector projects. Revenue from land deals, metro operations, and infrastructure projects form the backbone of MMRDA’s financial planning.

The plots leased to Schloss Bangalore and Goisu Realty were part of a tender process launched in February 2025, which included seven land parcels. However, MMRDA received bids only for three plots – the ones allotted to Schloss and Goisu. The remaining four, which included three residential and one commercial plot, did not attract bidders. Officials stated that these will likely be re-tendered in the future.

Goisu Realty has been active in acquiring land in BKC over recent years. In 2022, the company secured two land parcels for ₹2,067 crore. Back in 2019, it leased a 12,486 sq m plot in BKC for ₹2,238 crore, marking one of the largest land deals by a foreign real estate firm in India.

The new lease agreement for Schloss Bangalore in BKC highlights the continued development of the area as a key commercial zone. The planned hotel and commercial complex is anticipated to contribute to the district’s expanding role in business and hospitality.

Image source- freepik.com