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Hotel space rates perks up in Delhi and NCR

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As per the sources available with www.propertykhazana.com, with the property sales for the hotel space in Delhi NCR is getting pricier and hoteliers demand lucidity in the bidding procedure and at the same time to be more efficient. Delhi Development Authority is taking high-priced amount for the property spaces and in return is the shove in the land rates. In addition, some of the spaces are again places for sales if do not draw the attention of potential purchaser. This is totally unfair, said Rajendera Kumar, president of Hotel & Restaurant Association of Northern India (HIRANI) to the www.propertykhazana.com.
Berggruen Hotels is working out a JV with Delhi Government to gather capital for its Main Hotel Product, said Sanjay Sethi, Managing Director and CEO of Berggruen.
According to the sources available to www.propertykhazana.com, Government is leasing out the property to the hoteliers for development and the venture will be done in the course of private public partnership (PPP) system, where both the parties will be glad to invest for the JV.
Industry Associations are also disturbed about the way where property spaces are being sold out and many cases have come ahead where property purchased have been sold out again holding up the hotel development procedure. Govt. must choose with one path – leasing hotels or going into build-operate-own agreements. Also this progress will assist to remain a close inspection over the land rates.
Source: NBTVLIVE

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