Wholly-owned subsidiary and special purpose company (SPC) of Omaxe Ltd, Worldstreet Sports Center Ltd, will be developing an integrated multi sports facility consisting of an international cricket, football stadium, an indoor stadium, along with a retail and hospitality hub spread across an area of 54 acres in Delhi's Dwarka area for around ₹1500 crore, the company said in a regulatory filing.
The facilities are being constructed in Dwarka under the public-private partnership model with the Delhi Development Authority at a cost of around ₹1500 crore, the company’s top official said, adding the project is expected to be launched in the second quarter.
“The cost of construction will be funded through internal accruals and the company is expecting a revenue of around ₹2500 crore through the sale of retail units,” said Mohit Goel, Managing Director, Omaxe Ltd, a listed real estate firm.
“We will be launching the project within the next two months," he said.
The commercial facilities will be developed and maintained by the company on a leasehold basis for a period of 99 years.
The 54-acre project located in Dwarka's Sector 19 B, will include indoor and outdoor stadiums spread across an area of 30-45 acres and retail space across 20 acres, he said.
The indoor stadium along with a large retail, hotel and a club will come up on a land measuring 50.40 acres in Dwarka under the public-private partnership model (PPP) with Delhi Development Authority (DDA).
{{/usCountry}}The indoor stadium along with a large retail, hotel and a club will come up on a land measuring 50.40 acres in Dwarka under the public-private partnership model (PPP) with Delhi Development Authority (DDA).
{{/usCountry}}Omaxe Ltd had won the bid floated by DDA to develop an integrated multi-sports arena in Dwarka under the Design, Build, Finance and Operate and Transfer (DBFOT) format in 2022.
An exclusive members-only club with modern amenities, a 108-keys hotel and a banqueting space along with multi-level car parking is also being planned. The club is expected to have a bowling alley, a karaoke bar, a spa, lounges, a boxing ring, state-of-the-art gymnasium, indoor and outdoor sports among other facilities, the company said.
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“We are in talks with 5-star hotel chains for the hotel. They will run the hotel and the club for us,” he said.
The retail portion will be a ground-plus-two level structure with a saleable area of 7 lakh sq ft, he said.
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“With India on the world map, it is encouraging that the government is envisaging such projects under the PPP model. Worldwide sports, entertainment and retail are developed under a single roof. Delhites will get to experience global sporting events, multiple national and international cuisines and world-class retail, all under a single platform. We plan to launch the project in the second quarter of the year,” said Goel.
As per the agreement, Omaxe's subsidiary will develop an outdoor stadium with a minimum 30,000 seating capacity. The indoor stadium is expected to have a capacity for 2000 people. This is expected to host kabaddi, badminton, table tennis, chess, kickboxing, boxing and other events, the company said.
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The company will build and maintain the sports stadium and club for 30 years, thereafter it would be handed over to DDA. The commercial facilities will be developed and maintained by the firm on a leasehold basis for a period of 99 years.