Tata Group Regains Taj Mansingh In NDMC Auction For Next 33 Years

News World India | 0
| September 28 , 2018 , 19:20 IST

The Tata Group on Friday retained the Taj Mansingh Hotel in the NDMC elections. The hotel is located in the national capital’s Lutyens area on the Taj Mansingh Road near the South Block. The group has now won the hotel for the next 33 years.

Located in the heart of the national capital, the 292-room luxury property has seen much interest from only two players despite several rounds of e-auctioning held by the New Delhi Municipal Council (NDMC). The auction began on 11 am and ended at 4 pm today at a license fee of Rs 7.03 crore per month.

A senior official told the media, “The Tata group’s Indian Hotels Company Limited (IHCL) has retained the property at a license fee of Rs 7.03 crore per month including GST. Earlier, they were paying Rs 3.94 crore per month as license fees.”

The Taj Mansingh was given to the Tata group in 1978 on a 33-year lease, which ended in 2011. The company had since been given nine temporary extensions.