Today's meet to decide Taj Mansingh's fate

Chances of renewing the deal with NDMC look dim

Today's meeting is likely to decide the fate of the the iconic Taj Mahal hotel on Mansingh Road in New Delhi. The meeting is expected to decide how the property will be auctioned, and what the deposit, reserve price and the terms of lease will be.

The chances of renewing the lease with New Delhi Municipal Council (NDMC) look dim. With agencies such as the CBI, CAG and CVC watching the development, an auction is the only option before the council, headed by Delhi Chief Minister Sheila Dikshit.
Read here: Taj Mansingh auction certain, decision on modalities today

J E D Fonseca was the original lessee of 1, Mansingh Road. Fonseca was running a 23-room hotel under the name Fonseca Pvt Ltd.

With the gradual turn of events, on 20 March 1979, the  23-room Fonseca metamorphosed into 300-room five-star icon of luxury that came to be known as Taj Mansingh. An obscure tax appeal could play an important role in deciding the fate of the hotel.

Read here: From Fonseca to Taj Mansingh

Taj Mansingh's 33-year lease with NDMC expired on October 2011, NDMC then decided to extend the lease with the same operator for another year. Ernst & Young was appointed to determine the valuation of the property and explore other options. The extended lease ends on October 10.
Read here: Tatas, NDMC set to end row over Taj Mansingh