Construction Industry News
Real estate developer Omaxe Ltd has purchased 50.40 hectares of land in Dwarka from the Delhi Development Authority (DDA) to develop an indoor and outdoor sports facility, including a cricket stadium and a commercial complex, with a total investment of Rs 21 billion, said a senior executive.
Omaxe has won the bid to develop the commercial complex to provide expertise in shopping, dining and sports-related activities. The company has not disclosed the acquisition costs, but according to a DDA official, it will pay Rs 180 million to the authority every year for 30 years.
“This will be the first sports facility to be developed by DDA in a PPP (public-private partnership) model. We will develop a world-class cricket stadium and sports complex in this project,” said Rohtas Goel, Chairman of Omaxe Ltd.
Omaxe, which deals with real estate development in metro cities and tier 2 cities, has started to focus on government redevelopment projects or PPP model.
The project is located next to the emerging India International Convention Center (IICC), a project of the Government of India, which is being developed to create a state-of-the-art and world-class exhibition and convention center to promote meetings, incentives, conferences and exhibitions ( MICE).
Under the agreement, Omaxe is to develop an outdoor stadium with a minimum of 30,000 seats for both cricket and football, an indoor multi-sport facility with 2,000 seats and other sports facilities such as an Olympic-size swimming pool, tennis, badminton, squash and table tennis.
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