Tata signs revised agreement with NDMC for operating Taj Mansingh for 33 years

The Tata group has signed a formal agreement with the New Delhi Municipal Council (NDMC) for operating Taj Mansingh, New Delhi. Earlier, the hotel was given to the Tata group in 1978 on a 33-year lease, which ended in 2011. The company had since been given nine temporary extensions. The Tata group has retained the lease at a license fees of Rs 7.03 crore per month including GST. Earlier, they were paying Rs 3.94 crore per month as license fees. From April 11, NDMC will get 32.5 per cent more revenue as against about 17.25 per cent. “This is an achievement for us that we could finally plan the public auction, settle the legal litigation, auction the property and finally implement it on the ground,” a senior NDMC official said.

(Source: PTI)