Zoom Developers win bids for budget hotels

Wednesday, 28 May 2008, 07:00 Hrs
Printer Print Email Email
New Delhi: Mumbai-based Zoom Developers has won a contract from Indian Railway Catering and Tourism Corporation (IRCTC) to develop three budget hotels at a proposed investment of 1 billion.

These budget hotels, a part of Rail Ratna project, will come up in Raipur, Bilaspur and Guwahati. The IRCTC has already awarded bids for 23 hotels across the country.

The Zoom Developers-Toshali Sands Group had bid 404 million licence fee for Raipur, 197.9 million for Bilaspur and 292.9 million for Guwahati.

The hotels projects will add 305 hotel rooms in these cities.

According to Ramneet Trehan, head of business development, Zoom Developers: "The work on the hotel will be finished within 18-20 months of getting the possession of land."

"However, they have not issued land possession or concession details of projects to the developers. The process of land acquisition is getting delayed and halting the project," he added.

Out of the 20 bids announced earlier for the first phase of the project, Zoom Developers-Royal Orchid consortium had won bids for 11 locations, Essel group had won five locations and Signet group had won four.

IRCTC had announced setting up of 100 budget rail hotels across the country. The entire project is estimated to cost over 200 billion adding over 10,000 rooms in the country.

However, because of a controversy between IRCTC and Rail Land Development Authority (RLDA), on who would head the Rail Ratna hotels project, many bids have been cancelled in the past.
Source: IANS
SPOTLIGHT
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..