Metropolis Hotel bags plot thru whopping auction bid

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Chennai, Aug 12 (UNI) Metropolis Hotels (a joint venture between Avinash Bhosale Group and Sun-N-Sand), bagged a sprawling 47,000 sq mt plot auctioned by City and Industrial Development Corporation (CIDCO) to build a five star hotel.

Metropolis Hotels won the plot located off Palm Beach drive at a whopping bid of Rs 60,085.15 per sq mt and the net deal was around Rs 283 crore, which is the biggest ever plot CIDCO has auctioned for the first Five-Star Hotel in Navi Mumbai.

Commenting on this prestigious deal, Mr Amit Bhosale, Director, ABIL Group said, "We at ABIL are jubilant at this success and plan to bring in a well known international hotel brand at this site, the first five star hotel in Navi Mumbai with 500 luxurious rooms." The plot is strategically located at a distance of just six km from the new proposed international airport and approximately the same distance from Trans-Harbour link connecting South Mumbai to Navi Mumbai, a release from ABIL here said.

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