Delhi airport operator DIAL Wednesday said it has awarded the rights for a commercial development project to a consortium led by Bharti Realty that will make an annual payment of Rs 363.5 crore towards lease rentals till 2036.
Besides, Bharti Realty will make one-time payments of around Rs 1,837 crore, the Delhi International Airport Ltd (DIAL) said in a release. DIAL, majority-owned by GMR group, operates the Indira Gandhi International Airport in the national capital. 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," the release said.
For the first phase, the Bharti Realty-led consortium would pay to DIAL an "annual lease rent of Rs 363.5 crore per annum till 2036 (to be escalated by 50 per cent for the extended term of 30 years till 2066) and other one-time payments to the tune of (around) Rs 1,837 crore," it noted. DIAL has initiated the second phase of its airport land development, known as Aerocity, at the airport.