Delhi-based Omaxe Ltd announced Monday that the realty firm’s 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 1,500 crore ($180 million).
The cost of construction will be funded through internal accruals and the company is expecting a revenue of around Rs 2,500 crore through the sale of retail units.
Omaxe had won the bid floated by Delhi Development Authority (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, Worldstreet Sports Center will develop an outdoor stadium with a minimum 30,000 seating capacity. The indoor stadium is expected to have a capacity for 2,000 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 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.
“We will be launching the project within the next two months,” Hindustan Times quotes Mohit Goel, managing director, Omaxe Ltd as having said.
“We are in talks with 5-star hotel chains for the hotel. They will run the hotel and the club for us,” he said.
“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.
