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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. 

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