Delhi Civic Body Wants To Auction Taj Mansingh Property
The New Delhi Municipal Corporation Ltd. (NMDC) will go ahead with an open auction of the Mansingh property located at the heart of Luytens' Delhi and currently managed by Indian Hotels Company Ltd. (IHCL), the parent company of the Taj Group of Hotels.
Delhi Chief Minister Arvind Kejriwal made the announcement on Twitter on Thursday.
Imp decisions today's NDMC meeting- Open auction of Taj Mansingh, cancel Le Meridian Hotel license, 240 days TMR every yr 2 all death cases
March 2, 2017This decision will come as a big setback for the Taj Group which has already moved the Supreme Court challenging the auction. The apex court in its last hearing, had asked NDMC to reconsider its decision after the civic authority said it will not renew the 33-year lease given to the Taj Group to manage the property. The apex court will now have to take a final decision on the matter.
The Taj Group has maintained that it is willing to pay the prevalent market price for the lease renewal but is not in favour of an open auction arguing that it would artificially drive up the property's price. The hotel chain also wants the first right of refusal if an auction is held.
NDMC argues that an open auction is the best way forward, adding that the Taj Group can participate in the process as well.
IHCL and NDMC had signed a joint venture agreement for the 11-storey hotel in 1978, under which land and construction costs would be borne by the NDMC and the operation and maintenance charges would be borne by IHCL. IHCL's licence expired in 2011 and ad-hoc extensions were granted to the company till January 31, 2016.
The Delhi High Court had earlier ruled in NDMC's favour, rejecting the Taj Group's plea seeking a stay on the civic authority's decision to auction the property.
The civic authority has also decided to cancel Le Meridian's licence to operate another commercial property located in the vicinity of the Taj Mansingh property.
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