Omaxe gets 50.40 acres land for sports complex at Dwarka

25 Aug 2022 CW Team

Realty developer Omaxe Ltd has acquired 50.40 acres of land at Dwarka from the Delhi Development Authority (DDA) to develop an indoor and outdoor sports facility, including a cricket stadium and commercial complex, with a total investment of Rs 21 billion, a senior executive said.

Omaxe has won the bid to develop the commercial complex to provide expertise in shopping, dining, and sports-allied activities. The company did not disclose the cost of acquisition but according to a DDA official, it will pay Rs 180 million to the authority every year for 30 years.

“This will be the first sports facility to be developed by DDA in PPP (public-private partnership) model. We will develop a world-class cricket stadium and sports complex in this project,” said Rohtas Goel, Chairman, Omaxe Ltd.

Omaxe, which is into real estate development in metro cities as well as tier 2 cities, has started focusing on government projects of redevelopment or PPP model.

The project is located next to upcoming India International Convention Centre (IICC), a project of the Government of India, being developed to create a state-of-the-art and world-class exhibition and convention centre to promote meetings, incentives, conferences and exhibitions (MICE).

As per the agreement, Omaxe is required to develop an outdoor stadium with minimum 30,000 seating capacity for both cricket and football, multi-sports indoor facility with 2,000 seating capacity and other sports facility such as an Olympic size swimming pool, tennis, badminton, squash and table tennis.

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