Tallest hotel project may turn into flats

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. 

Full report here Times of India


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