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Commercial establishments in an area are set up to cater to the local as well as visiting population. Besides popularizing the area, we see that over a period of time these establishments draw in additional businesses and thereby transform the area into a magnet of sorts.
One such a location is Kurla, a suburb of Mumbai. This suburb is set to receive its first international five star hotel run by the International Marriott Group by the end of 2011. To be located on the busy LBS Road, the 300-room hotel will be built at a cost of Rs 240 crore. Phoenix Hospitality Company Limited (PHCL), which is building the hotel, and Marriott International, which will manage the premises, inked the deal on Monday, November 9th 2009. Shishir Srivastava, chief development director, PHCL, said the group is constructing “a mini-township in the 25-acre plot” which is expected to change the face of the area.
The project includes Phoenix Market City, which would house the country’s largest multiplex, a mall, restaurant and bars, retail shops as well as office spaces.
Closer to Kurla, the Bandra-Kurla Complex – which is Mumbai’s new business district- will open doors to the Oberoi Group’s ‘Trident Hotel’ on December 17th 2009. This will be the only hotel within the Bandra Kurla Complex. The five star hotel will have 436 rooms with a meeting and conference hall that can hold 500 persons.
Such developments play an important role in increasing the value of a location. Interlinked to developments, the real estate of the area stands to be positively impacted.
The Impact on Kohinoor City:
Kohinoor City the township that is strategically located off LBS Marg, a 3 km drive from the Bandra Kurla Complex (BKC) stands to gain from these recent developments. Individuals, who have invested in homes here, have the opportunity to obtain rental income since the value of these homes would increase. The Phoenix Market City, to be set up, would transform Kurla into retail and business hub and this augurs well for the township as it has the location advantage. The presence of hotels by Marriott and Trident will attract other additional hotels, both small and big.
In the immediate future as Kurla continues to see infrastructural developments in the form of the double decker flyover (part of the Santacruz Chembur Link Road), and the proposed Metro railways (routes = Bandra – Kurla – Mankhurd & BKC – Kanjurmarg via Airport), the region would be transformed and would benefit the people and businesses established here.
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