From correspondents in Maharashtra, India, 03:57 PM IST

Pune-based Metropolis Hotels (Joint venture between Avinash Bhosale Group and Sun-N-Sand), bagged a sprawling 47000 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.

The net deal is around Rs.283 crores which is the biggest ever plot CIDCO has auctioned for the 1st 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 6km from the new proposed international airport and approximately the same distance from Trans-Harbour link connecting South Mumbai to Navi Mumbai. Along with a good road access the site also has a pleasant view of the CIDCO developed golf course.

Source: Press Release Distribution via India PRwire