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DIAL awards the Commercial Development Rights at Aerocity, Delhi to a consortium led by M/s Bharti Realty

Posted On: 2019-03-20 21:35:33

Delhi International Airports Limited (DIAL), a GMR led consortium announced that it has awarded the right to design, develop, finance, construct, operate, manage and maintain a Commercial Development Project at Gateway and Downtown Districts of Aerocity with maximum permissible FSI of approx 9 Lac Sqm (~4.5 Lac Sqm . for Phase I & additional ~4.5 Lac Sqm in Phase II available as on option to be exercised within a 5-year time horizon) at Indira Gandhi International Airport to a consortium led by Bharti Realty Ltd, selected through a transparent and competitive bidding process. The competitive bidding process saw strong response from some of the country's leading commercial development players.

DIAL initiated the 2nd phase of its Airport Land Development at Delhi Airport popularly known as Aerocity, through two new precincts- Gateway and Downtown Districts- planned next to now successfully operational Hospitality District (Phase 1). Existing Hospitality, Commercial and Retail Developments at Hospitality district have over past few years established themselves as one of the most coveted addresses in the Capital city for leading global brands.

Building on its legacy of delivering path-breaking world class infrastructure developments in nation's service, GMR led DIAL has designed Aerocity on international design principles to ensure it is one of the leading global business districts. It creates the perfect platform which will redefine India's work culture, bolstered by unique benefits such as superior quality of life, unparalleled connectivity and excellent work-life balance. Aerocity is one of its kind master planned mixed use development which will have a balance of commercial, social infra, and leisure formats. The development shall encompass OMDA compliant commercial areas consistent with international trends and standards.

This development will add tremendous value to the existing Delhi Airport ecosystem and give a much needed impetus to its upcoming expansion plans that was unveiled a few months back.

Commenting on the bid award, Mr. GBS Raju, Chairman Airports and Managing Director-DIAL, said : "We are very pleased with the way the first phase of development marked by the Hospitality district has been able to provide marquee International brands a location of unparalleled convenience and comfort and while doing so proved to be a great business opportunity for our Hotel development partners who believed in this story for last 10 years.

The new price discovery through the current bid process is a testimony to the rise of Aerocity as the new nerve center of country's capital. With the development of Commercial Projects, DIAL shall move one step closer to its vision of creating on Integrated Commercial Business District for the growth of Airport and the associated community. This will benefit all our stakeholders including AAI and greatly help in funding the DIAL expansion."

Mr. Aman Kapoor, CEO - Airport Land Development for GMR Airports added, "This transaction creates a platform that shall provide opportunities for Indio's corporate world to have a premium and convenient located New Delhi Address and benefit from the Airport ecosystem and an excellent multi-modal transport connectivity with world class infrastructure of Aerocity."

Shares of GMR INFRASTRUCTURE LTD. was last trading in BSE at Rs.17.05 as compared to the previous close of Rs. 17.4. The total number of shares traded during the day was 552334 in over 498 trades.

The stock hit an intraday high of Rs. 17.55 and intraday low of 16.95. The net turnover during the day was Rs. 9446326.

Source: Equity Bulls

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