NDMC ropes in SBI Cap as advisor for Taj auction

 “We have got an in-principle approval from the council to take on board SBI Capital Markets Ltd (SBI Cap) as our transaction advisor for the auction of hotel Taj Mansingh. It will guide us through the entire process,” said the newly-appointed NDMC chairman Naresh Kumar on Tuesday.

The chairman said that the NDMC will also focus on improving basic infrastructure, health services and other amenities in the area. He maintained that the council will explore ways to deal with <g data-gr-id="31">problem</g> of traffic congestion and parking in areas under its jurisdiction.

Hotel Taj Mansingh, a property owned by NDMC, was given to Tata-owned Indian Hotels Company Ltd (IHCL) on lease for 33 years. The lease ended in 2011 and the company has been given seven temporary extensions since then on various grounds. IHCL was last week given another three-month extension for operating the hotel with NDMC, saying it was planning to complete the auction of the property by September. The current lease agreement, which expires on June 30, has now been extended till September 30. “We are planning to complete the auction process within the time frame,” Kumar said.

Kumar said that there will be two phases of up-gradation of the infrastructure. While the coming six months will be allocated for planning, the next six will see the up-gradation <g data-gr-id="26">to meet</g> the global standards. 

“The NDMC plans to ensure that the basic facilities to its residents are provided first and then special projects are taken up. Measures to check water logging in the NDMC area during <g data-gr-id="34">monsoon</g> will also be taken,” said the Chairman.