The Delhi International Airport Pvt Ltd (DIAL), a special purpose vehicle formed by Hyderabad-based GMR Infrastructure, is planning to go the real estate way to raise Rs 3,000 crore for the development of a new integrated airport terminal in the Capital.
For, the company will give out 250-acre land near Delhi-Gurgaon highway and terminal-III of the Indira Gandhi International Airport on long-term lease to real estate projects like hotels and malls. The entire financing process will be based on securitisation.
“The land will be divided into chunks of 30 to 50 acres each and will be provided on an interest-free deposit to highest bidders,” Madhu Terdal, GMR group chief finance officer told reporters on Saturday.
“The interest free deposit will be repayable after the expiry of the lease period. As per the government guidelines the company has been allowed to make use of this land for commercial purposes and not for residential one,” Terdal added. The capital expenditure for the development of a new integrated airport terminal at Delhi is Rs 8,600 crore.
DIAL has already got a report, based on a study conducted by its consultant Jones Lang LaSalle, for the best use of 250 acres of the total 5,100 acres for real estate development. It will launch roadshows for the same.
Terdal said Motilal Oswal, which has submitted its comprehensive analysis on GMP group, had estimated the per acre price of Rs 45 crore.
Realty Pie
• Company to give out 250-acre land near Delhi-Gurgaon highway and terminal-III of IGI Airport on a long-term lease• The land will be divided into small chunks and provided on an interest-free deposit to highest bidders
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