Tatas retain Taj Mansingh hotel, to pay Rs. 7cr/month
"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.
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.
New Delhi Municipal Corporation (NDMC)
Taj Mansingh hotel
's Indian Hotels Company Limited
Indian Hotels Company Limited
New Delhi Municipal Council