DDA allocates land at Nehru Place for 5-star hotel for 55-yr period
The bid, won by one of the biggest hotel chains in the country, will generate revenues of Rs 10,000 crore for DDA over the licence period of 55 years. The initiative will provide a much-needed boost to the hospitality sector while contributing to DDA's coffers.
"It was on the directions of lieutenant governor VK Saxena that DDA decided to move away from the existing freehold and perpetual lease models and chose a 'special licence property' mode to offer lands for prominent projects on annual incremental licence fee," an official said.
The official explained that the experience of the last two decades showed that the freehold and perpetual lease models were not achieving desired results due to the high cost of land. "In contrast, the special licence property initiative is a key step towards leveraging DDA's land assets for sustainable, high-value development, contributing to Delhi's emergence as a global destination for business, hospitality, and medical treatment.
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It will also ensure that DDA continues to be the owner of the land," the official said.
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The initiative included making suitable and viable land parcels available to different sectors such as hospitality, warehousing, health, iconic retail and other large-scale developments.
As a part of this initiative, the first land parcel offered was of around two acres at Nehru Place for a five-star hotel, announced through a request for proposal issued on May 2.
The auction was conducted on Aug 13, in which Fleur Hotels Pvt Ltd, a subsidiary of Lemon Tree Hotels Limited, emerged as the winning bidder. SBI Capital Markets Ltd assisted DDA as the transaction advisor for the auction process.
"The company secured this project for an annual licence fee of Rs 27.19 crore. The yearly licence fee will escalate annually and is expected to generate around Rs 10,000 crore as revenues for DDA over the 55-year licence period," said a DDA official.
The hotel to be named Aurika Nehru Place is set to become one of the city's biggest with over 500 rooms. It claimed it would offer elegant rooms, suites, signat-ure dining, expansive banqueting and best-in-class leisure facilities.
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