ITDC hands over Hotel Janpath to Ministry of Housing and Urban Affairs

State-run ITDC on Wednesday said it has handed over Hotel Janpath in the national capital to Ministry of Housing and Urban Affairs (MoHUA).

Handing over of the land measuring 4.41 acre of Hotel Janpath, New Delhi to MoHUA took place through exchange of documents on October 31, ITDC said in a regulatory filing.

"Physical possession will be handed over by ITDC to MoHUA after completion of disposing of movable assets," it added.

The Union Cabinet in May had approved the closure of ITDC's Hotel Janpath and the property to be used for setting up government offices.

It had given in-principle approval for the transfer of property to MoHUA.

The government initiated the process of disinvestment of hotels/properties of the India Tourism Development Corporation (ITDC) as it feels that running and managing hotels on professional lines is not the work of the government or its entities.

As part of the disinvestment policy, it was decided to lease/sub-lease the hotels/properties jointly with the states concerned or return the properties to them, after fair valuation.

States would have the option to upgrade and operate the properties by involving the private sector or to utilise the properties as per their requirements.

In the first stage, it was decided to disinvest three hotels - Hotel Lake View Ashok, Bhopal; Hotel Brahmaputra Ashok, Guwahati and Hotel Bharatpur Ashok. Closure of Hotel Janpath was decided in May.

ITDC stock was trading 2.61 per cent up at Rs 533.50 on BSE.