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Taj group's IHCL acquires The Connaught in Lutyen's Delhi in NDMC e-auction

The licensing rights have been granted for a period of 33 years

Press Trust of India  |  New Delhi 

NDMC

The Connaught, a premium hotel in Lutyen's Delhi, was successfully acquired by Tata's (IHCL) in an conducted by the Municipal Council (NDMC) today.

"The successful bidder is the 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 was getting from this hotel," a senior said.

The licensing rights have been granted for a period of 33 years.

The property at 37, has about 85 rooms, 3 banquet halls and one swimming pool and is situated adjacent to Place.

"The licence fee out of this public property will help in boosting the revenue and financial potential of the which will help in financing the public projects," the added.

The NDMC had last year decided to auction The 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 was 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.

First Published: Wed, June 20 2018. 19:48 IST
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