Prestige to build hotel & Convention Center in IGI, Delhi
Prestige Estates Projects will invest alongside DB Group to build one of India's largest Hotel and Convention Centres at DIAL Aero City in Delhi. The total investment is to the tune of ₹2,000 crores, which is the balance required to complete the project and Prestige will bring in ₹355 crores for 50% equity stake in the JV. DB Group had acquired the development rights on the 7.70-acre land parcel in 2009 from Delhi International Airport Limited. The excavation work has been completed and the project is proposed to be ready by 2022. With a built-up area of about 3.5 million sqft, it is set to be one of the largest hotels in the country with about 932 keys, a convention facility of over 2,00,000 sqft (20,000 seat capacity) and office space of about 650,000 sqft. The companies executed the agreement on 1st Oct 2019, and the transaction was brokered by JLL India's Executive MD, Juggy Marwaha. Commented Irfan Razack, CMD, Prestige Group, "This collaborative model will help us make an impactful entry into the NCR region. We will continue to invest and leverage our expertise to build a range of real estate developments across key locations in India. This transaction is in line with our strategy of steady, focused acquisition, and capitalizes on consolidation opportunities. Having recently set foot into the NCR market with a mid-income housing project, we are now growing with this mixed-use development. Venkat K Narayana, CEO, Prestige Group, added, "This transaction retains a great deal of upside potential for all the stakeholders. Once operational and stabilized, the hotel and convention centre is expected to register NOI of ₹300 crores and the office space to register NOI of ₹170 crores. Currently, the Group has 8 operating luxury hotels."
📅Published on:
03 October 2019
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