Commercial Property
Bharti Realty-Led Consortium To Construct Commercial Project At Delhi Airport
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In a recent development, DIAL i.e. Delhi International Airport Limited, the operator for Delhi airport informed that the rights for commercial development are granted to a consortium led by Bharti Realty that will make an annual payment of Rs 363.5 crore towards lease rentals till 2036.
Apart from this, Bharti Realty will make one-time payments of approximately Rs. 1,837 crore, the Delhi International Airport Ltd (DIAL) informed in the press release.
In a joint venture with the GMAR group, DIAL [Delhi International Airport Limited] manages operations at Delhi’s Indira Gandhi International Airport.
The press release states that Bharti Realty has been awarded the right to design, develop, finance, construct, operate, manage and maintain a commercial development project at Gateway and Downtown Districts of Aerocity.
In the first phase, the Bharti Realty-led consortium will pay to DIAL an annual lease rent of Rs 363.5 crore per annum till 2036 (to be escalated by 50 percent for the extended term of 30 years till 2066) and other one-time payments to the tune of (around) Rs 1,837 crore.
The Delhi International Airport limited also initiated the second phase of its airport land development that is popular as Aerocity, at the airport.
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