Delhi Airport Hospitality District Opens for Bidding
In a challenging market environment, GMR Group's Delhi International Airport Pvt Ltd (DIAL) has initiated the bidding process for hotel construction within its planned 45-acre hospitality district adjacent to the forthcoming Delhi Airport. This ambitious project, initially conceived in 2008 with a fundraising target of Rs 2,750 crore, faced delays due to a government-related controversy.
The current market conditions, however, have necessitated adjustments to DIAL’s expectations. With both real estate and financial markets experiencing difficulties, and a revised security deposit period of three years instead of the original six, DIAL anticipates securing approximately half the initial target, around Rs 1,375 crore, as security deposits. This amount will contribute towards financing the Rs 9,000 crore Delhi airport phase-I, slated for completion by 2010.
Diverse Hotel Offerings Planned
DIAL's vision for the hospitality district encompasses a broad spectrum of hotel categories, ranging from budget-friendly options to ultra-luxurious establishments. Consequently, plot sizes vary from 1.6 acres for budget hotels to a substantial 7.7-acre plot designated for a large-scale 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 stated.
A First for India
While hospitality districts are a commonplace feature internationally, Delhi's project represents a pioneering venture within India. It promises to be a landmark development, providing diverse accommodation options for travelers and contributing to the overall airport infrastructure.