PANAJI
Which is classified as natural cover and no development slope by Regional Plan 2021.Moreover, the same piece of land, however, was classified as orchard in Regional Plan 2001. The investment promotion board (IPB) has given in-principle approval to this project in its board meeting in January this year. As per the documents in the possession of The Goan Everyday, the IPB has given the approval subject to clarification on the developable area within the plot, which would be determined by the Town and Country Planning (TCP) department.This 5-star hotel project belongs to M/S Penha De France Properties of Mumbai and it is coming up near the new High Court complex at Penha De France. The promoters own 34,820 square meters of land, of which they plan to develop 18,500 square meters for this hotel. The overall project estimates an investment of Rs 127 crores and is expected to generate over 200 jobs. It is also learnt that the promoters have been told by the IPB to ensure that 80% jobs go to locals.The promoters intend to construct an environment-friendly five-star hotel at Malim, which will also have LEED certification (Leadership in Energy and Environmental Design). This is one of the prominent certifications for green buildings in the world.The 5-star hotel is expected to come up in the financial year 2018-19. The promoters have also informed the state government that they will be earning Rs 15 crores as revenue in the first year of operation. The revenue is estimated to increase to Rs 25 crores in the second year of operation, Rs 35 crores in the third year and Rs 45 crores in the fourth year of operation.The project will also require a power load of 500 KVA and 160 kilo litres of water per day.
