"The successful bidder is the Taj group which will pay 31.80 per cent of the Gross Turn Over (GOT) or Rs 58.68 million per annum, whichever is higher. This current auction has yielded more than the double revenue that the NDMC was getting from this hotel," a senior NDMC official said.
The licensing rights have been granted for a period of 33 years.
The NDMC had last year decided to auction The Connaught and re-auction Asian Hotel, after they were sealed by it in 2015 due to non-payment of license fees dues.
In January last year, the Asian Hotel was e-auctioned fetching Rs 4.5 million per month as licence fee, the highest-ever for the agency. But, the bidder later refused to take the property necessitating a re-auction.