Tatas retain Taj Mansingh hotel, to pay Rs. 7cr/month
What's the story
The iconic Taj Mansingh hotel in Lutyen's Delhi was retained by the Tata Group in an auction by the New Delhi Municipal Council (NDMC) today, an NDMC official said. "The Tata Group's Indian Hotels Company Limited (IHCL) has retained the property at a license fee of Rs. 7.03cr/month including GST. Earlier, they were paying Rs. 3.94cr/month as license fees," the official said. Here's more.
Details
Auction had been pending since the lease expired in 2011
The lease for the property will be granted to the group for 33-years at double the license fees. The earlier 33-year lease for the Taj Mansingh was given to the Tata group in 1978, which ended in 2011. The company had since been given nine temporary extensions. The NDMC couldn't auction the property then as it's tied up in a legal battle with IHCL.