Omaxe arm to set up Rs 1500 cr multi sports facility in Delhi's Dwarka

Omaxe announced that its wholly owned subsidiary and SPV, Worldstreet Sports Center will be developing India's first integrated multi sports facility consisting of an international cricket and football stadium, an indoor stadium along with a retail and hospitality hub spread across an area of 50.40 acres in Delhi's Dwarka area for around Rs 1500 crore, under the public-private partnership model with the Delhi Development Authority. The cost of construction will be funded through internal accruals and the company is expecting a revenue of around Rs 2500 crore through the sale of retail units. Omaxe 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 on the aforesaid land.

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 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 Company on a leasehold basis for a period of 99 years.

An exclusive members-only club with modern amenities, a 108-keys hotel and a banqueting space a long 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 retail portion will be a ground plus two levels structure with a saleable area of around 7 lakh sq. ft. on lease basis.

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