DIAL strikes deal worth over Rs 315 cr for developing land

Delhi International Airport Ltd (DIAL), which operates the aerodrome in the national capital, has struck a deal worth over Rs 315 crore with Bharti Realty Holdings for developing a land parcel.
Bharti Realty, the real estate arm of Bharti Group, has been given a contract to develop an area of nearly 2 lakh square metres of retail space near the airport here.
DIAL has completed the international competitive bidding process to select the developer for Integrated Retail Development near the Delhi international airport.
DIAL, which is a subsidiary of GMR Infrastructure, has awarded to Bharti Realty the contract to "design, develop, construct, finance, own, operate and maintain" land parcel having FSI (Floor Space Index) of 1.96 lakh square metres.

"The transaction involves upfront payments of Rs 315 crore... And license fee equivalent to 20 per cent of revenue with minimum guaranteed payments," GMR said in a filing to the stock exchanges today.
The latest award of contract is in addition to 5.67 lakh square metres land already developed as hospitality district at Delhi Aerocity, which is near the international airport.
Bharti Realty already has a commercial property in the Aerocity.
In 2015, Bharti Realty forayed into the residential segment by tying up with Eros Group for a housing project in Surajkund, Haryana.