ITC Hotels Leases Delhi Land for ₹327 Crore 5-Star Project

REAL-ESTATE

Overview

ITC Hotels Ltd secured a 91-year lease for prime land in Dwarka, New Delhi, from India International Convention and Exhibition Centre Limited. The company will develop a premium 5-star hotel, including banqueting and dining facilities, for a lease premium of ₹326.50 crore. This expansion strengthens ITC Hotels' presence in the capital's MICE sector and hospitality market.

Major Land Deal in Dwarka

ITC Hotels Ltd announced Friday it secured a crucial leasehold land allotment for a new 5-star hotel project in Delhi's Dwarka. The land, situated at the India International Convention and Exhibition Centre (IICC) complex, known as Yashobhoomi, comes with a long-term lease of approximately 91 years. The total lease premium for this prime real estate amounts to ₹326.50 crore.

Hotel Project Details

The lease covers approximately 3,648 square metres of ground coverage, allowing for a significant build-up area of about 26,179 square metres. ITC Hotels plans to develop a premium 5-star property featuring state-of-the-art banqueting facilities and its signature culinary experiences. This development is strategically aimed at bolstering Yashobhoomi’s profile as a major international hub for conventions, conferences, and large-scale events.

Strategic Expansion

Anil Chadha, Managing Director of ITC Hotels Ltd, described Yashobhoomi as a "game-changer" for the MICE industry and expressed confidence in creating a premier hospitality offering. This move significantly enhances ITC Hotels' footprint in the Delhi NCR region, where it already operates ten properties with 1,599 keys across its various brands. The company confirmed the transaction is domestic and does not involve promoters or related parties.

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