Tallest hotel project may turn into flats

Mumbai: Five years after the project was announced, D B Hospitality has shelved plans to construct India Tower (Park Hyatt), which was supposed to be the tallest luxury hotel in India, with 125 floors.      In its place, the developer-—who had battled the state for a higher hotel FSI of 6.29 all the way to the Supreme Court—is now contemplating alternatives like a highend residential building overlooking the Arabian Sea.      "The slowing economy and poor hospitality market conditions made the project unfeasible," said Vinod Goenka, chairman and cofounder of D B Group. "So we have decided to scrap the hotel plans. We are considering other alternatives."      The two-acre plot close to S K Patil Udyan at Charni Road, was bought by D B in 2005 from Suresh Estates Pvt Ltd. In December 2007, the SC directed the state to consider the developer's plea for a higher FSI of 6.29 to build a hotel. The hotel was to be operated by the Hyatt chain. During Praful Patel's tenure as the aviation minister, the Airports Authority of India sanctioned a height of 424m for the hotel.      Property analysts are not surprised by the company's decision, considering as many as 75 hotels across the country are displaying 'For Sale' signs.