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HVS hospitality consultants undertakes MIAL Project

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Development of about 250 acres has placed realty space on the rapid path; Mumbai International Airport Ltd. (MIAL) has selected hospitality advisors HVS Hospitality Services aiming for the potential bidders and also studying the market feasibility for the venture. The consultant is to present its report by August on the basis of which MIAL will call for bids from firms for the venture. As said by the sources at the www.propertykhazana.com, MIAL is presently renovating the Mumbai airport on a JV among group of GVK Group – Airports Company South Africa and Bidvest and the Govt. possessed Airports Authority of India (AAI).
MIAL envoy said to www.propertykhazana.com that, β€œThe consultant selected for advising and plan consultancy for hospitality has varied the land use development in HVS. Already the deal has been finalized in April and the job will start shortly. The time given for all the task is only 4-5 months, the report will mainly concentrates on market scrutiny and suggestion of development plan.” 200 acres of land is developed in different stages, but he did not state whether the Delhi model, a SPV will be created for the venture or compensation deposits will be taken back from the developers.
Plan made to the civil aviation ministry, MIAL said that the owing to the slowdown in the economy and in realty segment, the venture will get only Rs. 1,500 Crores going by the current market crisis along with the deficit in air traffic which will form a gap up to Rs. 2,500 Crores. Aftermath, the ministry has permitted MIAL to hike up to Rs. 1,600 Crores in 3-4 years by charging an airport development fees (ADF) of about Rs. 150 and Rs. 650 from domestic and abroad travelers.
As per to the sources saying at the www.propertykhazana.com, Delhi Airport was the first one in India to call for bids to set up 50 acres in its hospitality district. The venture went into uneven conditions, first with the civil aviation ministry bringing down its fiscal model over the inquiry of revenue sharing with Govt. and then as of a dreary reaction from realty firms, in which the security deposits to be given to DIAL on the land which dropped to their expectation and so formed a gap in funding for the airport innovation. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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