Hotline: 1800 102 2007
X
Search Business Opportunities
Mar, 29 2014

NDMC extends Taj Mansingh's lease

The civic body extends lease till July’14.

New Delhi Municipal Council (NDMC) has extended the lease of The Taj Mahal Hotel, a part of The Indian Hotels Company (IHC) for the fourth time. The civic body has extended the lease till July which was earlier to end on 31st March.
Jalaj Srivastav, Chairman, NDMC, said, “The lease was extended since we have not received any word from the home ministry on how to go about the auction. Unless we are told what to do, we will not take any step in this direction.” 
IHC has approached the court to secure a stay on the auction of its Mansingh Road property. The matter is also in the high court here after IHC filed an injunction suit to get a stay on the auction. The hearing is on April 16.

Even though the land belongs to NDMC, Indian Hotels has invested money in the construction of the hotel’s building. Therefore, the company claims that it has equity in the property. The firm had signed a 33-year lease agreement for the property, which expired in October 2011.

Subsequently, NDMC extended it by a year. While the company expected the lease to be renewed in October 2012, NDMC decided to hold an auction within a year. Thereafter, in October 2013, the lease was extended for another six months ending in March 2014, in expectation that the auction would have been wrapped up by then. 

Comment
image
Related opportunities
  • Furniture/Home Decor & Furnishing
    About Us: We are the global providers of Onyx quarried from..
    Locations looking for expansion Karnataka
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required -NA-
    Franchise Outlets Less than 10
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Bars, Pubs & Lounge
    About Us: If you have heard the words “on top of..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 2500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Ice creams & Yogurt Parlors
    About Us: Bombay Kulfis set up their base in July 2016..
    Locations looking for expansion Andhra pradesh
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 50
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Hyderabad Andhra pradesh
  • Quick Service Restaurants
    About us: Greetings from Rollacosta !!! ‘Rollacosta’ is brought..
    Locations looking for expansion Maharashtra
    Establishment year 2012
    Franchising Launch Date 2012
    Investment size Rs. 5lac - 10lac
    Space required 80
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities