A sad tale of a broken dream, The Chedi Hotel near Powai at JVLR gandhinagar junction, in Mumbai. A continuing liquidity crisis and slowdown in sales of new homes is forcing some property developers to sell their commercial assets to raise money for financing their incomplete projects. Many of them are also rushing to secure partners and co-investors to fund their ongoing residential projects.
Mumbai-based Rajesh LifeSpaces, which has at least seven incomplete residential projects in the city, is planning to sell its upcoming 316-room five-star hotel along with a commercial office building at suburban Kanjurmarg, two people aware of the development said. According to the first of the two persons, the property is currently up for sale, even though the company had tied up with Singapore-based GHM Hotel to operate the hotel under the ‘The Chedi’ brand. Both persons spoke under the condition of anonymity.
The property is under construction for the past six-seven years. The Chedi website, though, says the hotel is expected to open this year.
“Raising fresh funds has become a big challenge now. Construction pace has gone extremely slow. It’s a tough task to meet the completion deadlines of some of their ongoing projects. They (Rajesh LifeSpaces) are looking for prospective buyers to sell the hotel and an office project to raise funds,” said the first person mentioned above.
A potential sale could fetch up to ₹1,400 crore, the second person said. Emailed queries to Rajesh LifeSpaces remained unanswered.
“Many things were told about this project but it is stuck and long due……………..
THE CHEDI HOTEL, MUMBAI
| Project Name | The Chedi Hotel |
| City | Mumbai |
| Country | India |
| Architect | Hafeez Contractor |
| Developer | Chedi |
| Facade Consultant | BES |
TO LOCATE THIS PLACE- THE CHEDI HOTEL
