NDMC gives nod to hotel Taj Mansingh’s auction
26 March 2015 6:08 AM IST
The council of New Delhi Municipal Corporation (NDMC) on Wednesday, gave its approval for the public auction of Taj Mansingh Hotel in the Lutyens’ Zone. In its news report on March 11, Millennium Post was the first to report of the approval of Union Home Ministry to NDMC, which paved the way for
auctioning of the hotel presently run by Tata-owned India Hotels Company Ltd (IHCL).
“We will be inviting proposals for ‘Transaction Advisor’, whose selection is likely to be completed
within a month’s time. The further procedure for auctioning will be decided after the report of the advisor,” said Jalaj Srivastava, chairperson of NDMC.
The council also decided to extend the lease of the hotel to IHCL for next three months and complete
the auction before its expiry on June 30, 2015. The matter of auctioning of the hotel was placed before the NDMC council on Wednesday in a special meeting before the presentation of its budget for the next financial year. “Home Ministry had issued a directive to us that the hotel ought to be auctioned. I placed the matter before the Council, which instructed me to complete the auction proceedings within three months and Taj Mansingh has been given an extension to continue its operations till then,” added Srivastava.
The property, owned by NDMC, was given to IHCL on lease for 33 years. The lease ended in 2011 and the company has been given six temporary extensions since then on various grounds.
The last extension was given on January 31 as NDMC could not hold an auction due to the Model Code of Conduct in place for Delhi Assembly elections. The current lease agreement, which expires on March 31, has now been extended till June 30. “This is the final extension given to the Tata’s and we will have to rush the proceedings. I will also be presenting a weekly report to the Council on the progress made in this context,” he said.
auctioning of the hotel presently run by Tata-owned India Hotels Company Ltd (IHCL).
“We will be inviting proposals for ‘Transaction Advisor’, whose selection is likely to be completed
within a month’s time. The further procedure for auctioning will be decided after the report of the advisor,” said Jalaj Srivastava, chairperson of NDMC.
The council also decided to extend the lease of the hotel to IHCL for next three months and complete
the auction before its expiry on June 30, 2015. The matter of auctioning of the hotel was placed before the NDMC council on Wednesday in a special meeting before the presentation of its budget for the next financial year. “Home Ministry had issued a directive to us that the hotel ought to be auctioned. I placed the matter before the Council, which instructed me to complete the auction proceedings within three months and Taj Mansingh has been given an extension to continue its operations till then,” added Srivastava.
The property, owned by NDMC, was given to IHCL on lease for 33 years. The lease ended in 2011 and the company has been given six temporary extensions since then on various grounds.
The last extension was given on January 31 as NDMC could not hold an auction due to the Model Code of Conduct in place for Delhi Assembly elections. The current lease agreement, which expires on March 31, has now been extended till June 30. “This is the final extension given to the Tata’s and we will have to rush the proceedings. I will also be presenting a weekly report to the Council on the progress made in this context,” he said.
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