The New Delhi Municipal Corporation (NDMC) has awarded the Yashwant Place redevelopment project to DLF Commercial Developers Ltd. on a public-private partnership model. The complex houses the now closed Chanakya Cinema.
On Friday, NDMC signed the concession agreement with the firm, which had emerged as the successful bidder in the tendering process. The project involves the development of three multiplexes and also a commercial place.
“The firm was selected from 25 bids. Seven were short-listed and finally DLF was selected. Work on the project will start in the next three-six months,” NDMC officials said.
Rajiv Talwar, vice president of corporate communication for the company said: “We will present the city with a landmark building. The groundwork for the project is likely to start by next month.”
The new complex will come up in place of Chanakya Cinema, which will be demolished in six months.