25New Delhi, Aug 24: Realty firm Omaxe Ltd will invest Rs 2,100 crore to develop a sports complex and a retail project at Dwarka in the national capital as part of its expansion plan.
The company has bagged this 50-acre project from the Delhi Development Authority (DDA), which entails building both outdoor and indoor sports facilities. A large cricket-cum-football stadium is being planned.
The total investment is estimated at about Rs 2,100 crore, of which Rs 1,300-1,400 crore will be on sports complex and the rest on retail area.
Omaxe Ltd Chairman Rohtas Goel said: “We have bagged a project from DDA, located in Dwarka, New Delhi.”
It will be the first sports facility to be developed by the DDA in the PPP (Public Private Partnership) model.
“We will develop a world-class cricket stadium and sports complex in this project. It will be a marquee project facilitating the sports infrastructure at par with global standards,” Goel said.
The retail portion would offer spaces for shopping, dining, and sports related activities.
“This project will be a big boost to the infrastructure upgradation in the National Capital and is likely to create a huge economic multiplier effect,” Goel said.
Omaxe has bagged this project under “Design Build Finance and Operate” model.
Omaxe will build and maintain the sports stadium and club for 30 years, thereafter it would be handed over to DDA. The commercial area developed by Omaxe will be for a leasehold period of 99 years.
The land parcel of 50.40 acre is being handed over to Omaxe for development of sports arena and commercial area.
As per the agreement, Omaxe will develop an outdoor stadium with a minimum 30,000 seating capacity. It will be an international cricket-cum-Football Stadium/ football stadium.
Indoor sports facilities will have a 2000 seating capacity.
The sports complex will also have an olympic size swimming pool and also facilities for tennis, badminton, squash and table tennis.
The project will have a membership based Sports club with minimum 3,000 members.
In the commercial area, Omaxe will develop about 3.5 lakh square feet of retail space.
Omaxe is developing a commercial project in central Delhi under the PPP model. The company has significant presence in Delhi-NCR, Uttar Pradesh, Punjab and Haryana. (PTI)
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