The Taj Group, officially known as Indian Hotels, plans to build a fifth luxury hotel in Mumbai close to the Santa Cruz airport, reprts NDTV Profit.

The website of the television channel quotes, Farhat Jamal, Taj Group's VP, Mumbai, as pegging the project cost at Rs 2 to 2.5 billion, of which Rs 1-1.5 billion will be the cost of the land. The calculation is based on the assumption that it will be a 100-room hotel. The average cost per room is Rs 13-15 million in Mumbai, according to Jamal.

The Taj Group has big plans to set up several hotels in Mumbai and also in the suburbs like Thane and Navi Mumbai. "Business is shifting from south Mumbai to north. Nashik and Nagpur also offer huge potential. We are looking at these options," www.ndtvprofit.com quotes Jamal as saying.