September 5, 2024 |
Omaxe Group to Invest Rs 2,500 Crore in Developing a Sport Centric Project in Delhi’s Dwarka
Realty developer Omaxe Group has lined up Rs 2,500 crore to develop a sport centric project in Delhi’s Dwarka, company’s managing director Mohit Goel told ET.
The project will include a cricket stadium in addition to retail and hospitality development.
It has won the bid to develop 50.40-acres of land from the Delhi Development Authority (DDA). Omaxe will pay Rs 18 crore to the authorities every year for the next 30 years.
The Omaxe State will have a ICC and FIFA-standard international cricket-cum-football stadium with a seating capacity of over 30000, as well as an international multi-sports indoor stadium that can accommodate 2000 spectators.
The project will have India’s largest F&B space, spanning over 500,000 square feet, high-street retail area, and invite-only sports and leisure club, a 75,000 sq. ft. E-Sports arena, and a hotel with 148 keys.
The complex also features a large banquet space with multi-level parking, an event arena for social and cultural events, an Olympic-sized swimming pool and top-tier facilities for tennis, badminton, squash, basketball, and football.
“This development will bridge a significant gap in Delhi’s infrastructure by offering a world-class venue for sports, shopping, and entertainment,” Goel said.
The project is expected to be completed by 2027 and to generate over Rs 4,200 crore in revenue during its lifecycle.
The company has started focusing on government projects for redevelopment or PPP models.
Omaxe will build and maintain sports stadiums and clubs for 30 years. Thereafter, these will be handed over to the DDA.
The commercial area developed by Omaxe will be for a leasehold period of 99 years.
Omaxe is under a “Design Build Finance Operate and Operate” obligation for the allotted land.
As part of its redevelopment project with the government, Omaxe has developed a retail and parking project called Omaxe Chowk, which is part of the government’s redevelopment of the Chandni Chowk project, where the road between Red Fort and Fatehpuri Masjid has been made a no-vehicle zone.
The project is being developed in PPP with the North Delhi Municipal Corporation.
Source : ET
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