The Mumbai Metropolitan Region Development Authority (MMRDA) has approved the allotment of an 8,411.88 square meter commercial plot in Bandra-Kurla Complex (BKC), Mumbai, to a consortium led by Schloss Bangalore. The consortium, which includes Schloss Chanakya and Arliga Ecospace Business Parks, an affiliate of Brookfield, submitted a binding bid to lease the plot for 80 years.

The plot, with a permissible built-up area of 33,647.52 sq meters, is subject to site conditions and may vary based on demarcation. The total lease premium for the plot stands at 1,302 crore. Of this, 25% is payable within two months of the allotment offer, with the remaining 75% to be paid within ten months. The possession of the plot will be transferred after the full payment of the lease premium.

The consortium plans to develop a mixed-use project on the plot, which will include a 250-key hotel, the Arq Club, and a commercial tower with approximately 700,000 sq ft of office space. This project is part of the ongoing development and expansion in BKC, which continues to be a prime location for commercial and hospitality ventures in Mumbai.