The Tata Group’s Indian Hotels Company Limited (IHCL) has signed a contract with the New Delhi Municipal Council (NDMC) to retain the iconic Taj Mahal Hotel on Mansingh Road for the next 33 years, NDMC said.
In September 2018, IHCL had won an e-auction for a 33-year lease of the Taj Mahal Hotel on Mansingh Road in Lutyens’ Delhi after an earlier lease with the group expired in 2011.
The IHCL had won the auction in September by bidding to pay 32.5% of the gross turnover (GTO) as licence fee, which was 78% more than the previous licence fee.
The New Delhi Municipal Council had earlier said that before e-auction of the property, IHCL used to pay ₹3.94 crore per month, including GST. Now, with this increase, it will be paying about ₹ 7.03 crore per month, including GST, as per the current GTO provided by the IHCL.