Tallest hotel project may turn residential

MUMBAI: Five years after the project was announced, DB Hospitality has shelved plans to construct the iconic India Tower (Park Hyatt), the tallest luxury hotel of 125 floors in India. In its place, the developer-who had battled the state government for a higher hotel floor space index (FSI) of 6.29 all the way to the Supreme Court-is now contemplating alternatives like a high-end residential building overlooking the Arabian Sea.

"The slowing economy and poor hospitality market conditions had made the project unfeasible," said Vinod Goenka, chairman and co-founder of D B Group. "So we have decided to scrap the hotel plans. We are considering other alternatives," he added.

The two-acre plot, located close to SK Patil Udyan at Charni Road, was bought by D B in 2005 from Suresh Estates Pvt Ltd. In December 2007, the Supreme Court directed the state government to consider the developer's plea for higher FSI of 6.29 to construct a hotel. The project cost had been estimated at Rs 2,800 crore. The hotel was to be operated by the Hyatt chain.

During Praful Patel's tenure as aviation minister, the Airports Authority of India had sanctioned a height of 424m for the hotel. So far, only the basement work has been completed.

Property analysts are not surprised by the company's decision, considering as many as 75 hotels across the country are displaying "For Sale" signs. "The decision is in line with D B's restructuring to improve their image which was affected after the arrest of their promoters," said an analyst.

Anda sedang membaca artikel tentang

Tallest hotel project may turn residential

Dengan url

http://cegahkeropostulang.blogspot.com/2013/08/tallest-hotel-project-may-turn.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Tallest hotel project may turn residential

namun jangan lupa untuk meletakkan link

Tallest hotel project may turn residential

sebagai sumbernya