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« Realty boom in Chandigarh | Home | FIRE Cap to develop affordable housing project »

GMR invites bids for building hospitality district

The GMR Group has invited bids for building hotels at its proposed 45-acre hospitality district near the upcoming airport in Delhi. Because of the poor financial health of the real estate market, The Delhi International Airport Pvt Ltd (DIAL) hopes to raise half of the originally expected sum of Rs 2,750 crore from this district in 2008. The amount raised from the hospitality district will go towards financing the Rs 9,000 crore Delhi airport phase-I that has to be ready by 2010.

DIAL’s plan for the 45-acre hospitality district includes hotels of all ranges — from budget to ultra luxury. As a result, plot sizes range 1.6 acres (for budget) to a 7.7-acre plot for a huge conference hotel. “A security deposit of three times the average annual lease rental will be charged from successful bidders. The entire infrastructure will be provided by DIAL,” a senior DIAL official said. Though a common feature abroad, Delhi’s hospitality district will be first of its kind project in India.

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