Delhi: Taj Mansingh to go under the hammer again
What's the story
After an unsuccessful first attempt at auctioning Delhi's luxury hotel Taj Mansingh, NDMC has decided to conduct a fresh bid for the property on July 18. The much-delayed auction, which was to be held this month, was canceled since only Tata Group's IHCL bid for retaining the property. The bid for the only other participant, ITC, was not accepted on technical grounds.
Context
Tata Group's lease for Taj Mansingh ended in 2011
Taj Mansingh was given to the Tata Group in 1978 on a lease for 33 years, which ended in 2011. The company was since given nine temporary extensions. However, the civic body could not auction the property then as it was tied up in a legal battle with IHCL. The civic body had issued an annulment notice for the e-auction last week.
Auction
Recently, the Tata Group acquired three-star hotel "The Connaught"
The Tata Group has acquired three-star hotel "The Connaught" in an auction this week. The civic body also auctioned Hotel Asian International this week which was acquired by Bloom Hospitality Group. In January'17, the Asian Hotel was e-auctioned fetching Rs 45.5 lakh per month as license fee, the highest-ever for the agency. But the bidder later refused to take the property necessitating a re-auction.