Omaxe to Develop Sports and Retail Complex in Dwarka for Rs 2100 Crore

Omaxe to Develop Sports and Retail Complex in Dwarka for Rs 2100 Crore

Realty developer Omaxe Ltd has acquired 50.40 acre land from Delhi Development Authority (DDA) at Dwarka to develop indoor and outdoor sports facility including a cricket stadium and commercial complex with the total investment of Rs 2100 crore, a senior executive said.

Omaxe has won the bid to develop commercial complex to provide experience in shopping, dining, and sports allied activities. The company did not disclose the cost of acquisition but according to a DDA official, company will pay Rs 18 crore to the authority every year for 30 years.

“This will be the first sports facility to be developed by DDA in PPP model. We will develop a world-class cricket stadium and sports complex in this project,” said Rohtas Goel, Chairman, Omaxe Ltd.

Omaxe, which is into real estate development in metro cities as well as tier 2 cities, has started focusing on government projects of redevelopment or PPP model.

The project is located next to upcoming India International Convention Centre (IICC), a flagship project of the Government of India, being developed to create a state-of-the-art and world-class exhibition and convention centre to promote Meetings, Incentives, Conferences and Exhibitions (MICE) activities in India.

“It will be a marquee project facilitating the sports infrastructure at par with global standards. Besides, the retail spaces would offer an unmatched experience in shopping, dining, and sports allied activities and goods,” Goel said.

As per the agreement, Omaxe is required to develop, an outdoor stadium, with minimum 30000 seating capacity for both cricket and football, multi-sports indoor facility with 2000 seating capacity and other sports facility such as Olympic size swimming pool, tennis, badminton, squash and table tennis.

There will also be a membership based sports club, with minimum 3000 membership.

Omaxe will build and maintain sports stadiums and club for 30 years thereafter it would be handed over to DDA. The commercial area developed by Omaxe will be for a lease hold period of 99 years.

Omaxe is under “Design Build Finance Operate and Operate” obligation for the allotted land and will have about 350,000 sq ft if retail area to lease.

“This project will be a big boost to the infrastructure upgradation in the National Capital and is likely to create a huge economic multiplier effect. With our experience in developing world-class projects in partnership with government bodies, we are eagerly looking forward to this project,” Goel said.

This is the first sports facility being developed by DDA on PPP project. The cost of construction for sports complex is around Rs 1300-1400 crore for retail complex will be developed with an investment of Rs 600-700 crore.

As part of its redevelopment project with governmental, Omaxe is developing a retail and parking project called Omaxe Chowk, part of the Government’s redevelopment of Chandni Chowk project where the road between Red Fort and Fatehpuri Masjid has been made a no-vehicle zone.

Omaxe Chowk will have parking space for more than 2200 cars.

The project is being developed in PPP with North Delhi Municipal Corporation. It will also have a retail and food court space on ground, first and second floor.

With 126.8 million sq ft of delivered space in real estate and construction contracting , Omaxe is present in 27 cities across 8 states Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, and Himachal Pradesh.

Source : ET

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