Two days after receiving the financial bids for the India Tourism Development Corporation-owned Ranjit Hotel in Delhi, the government has decided to revalue the property before finally awarding it to any private player.
This is the first time the government has decided to revalue the reserve price after financial bids were invited. A five-member sub-committee to reassess the property will have representatives from the tourism ministry, disinvestment ministry, urban development ministry and the Delhi Development Authority.
Officials said the price was being relooked at because the hotel would no longer continue as a hotel and, according to land-use specifications, could be converted into an office-cum-shopping complex. The official added that while the current valuation of Rs 26,000 per square metre was based on it being a hotel, the urban development ministry felt that since it would be converted into commercial property, the land price should be close to Rs 55,000 per square metre. Sources said the Land and Development Office, which notifies land prices for different areas in the city, had suggested a price of Rs 68 crore for the property.