07-25-2005, 09:49 AM
<b>Airport revamp delayed again </b> <!--emo&:thumbdown--><img src='style_emoticons/<#EMO_DIR#>/thumbsdownsmileyanim.gif' border='0' style='vertical-align:middle' alt='thumbsdownsmileyanim.gif' /><!--endemo--> <!--QuoteBegin-->QUOTE<!--QuoteEBegin-->But the most important part pertains to the commercial development of the airport land in both the metros.
The attorney general, while offering his view, has reportedly clearly stated that commercial development could only be for purposes related to the development of the airport and its benefits should directly accrue to the passengers.
<b>As such, one cannot build commercial complexes unless they are part of the passenger terminals.</b>
<b>So, definitely no golf course. But restaurants, hotels and even medical care facilities can be part of the development.</b>
Thus, the last expert group of ministers has articulated that not more than five per cent of the land could be utilised for commercial development.
It is believed that the transaction document states that it would be five per cent for Delhi and 10 per cent for Mumbai. or Mumbai specifically, this effectively translates into 145 acres. Pegged at a land cost of Rs 40 crore per acre, it works out to approximately Rs 7,000 crore.
For an airport which will be built for something like Rs 2,800 crore, the operator is to get prime real estate worth Rs 6,000 crore.
The moot point is that at all times the commercial development has to be for passenger use, and certain sections in the government are not willing to give this astounding piece of realty for a song.
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The attorney general, while offering his view, has reportedly clearly stated that commercial development could only be for purposes related to the development of the airport and its benefits should directly accrue to the passengers.
<b>As such, one cannot build commercial complexes unless they are part of the passenger terminals.</b>
<b>So, definitely no golf course. But restaurants, hotels and even medical care facilities can be part of the development.</b>
Thus, the last expert group of ministers has articulated that not more than five per cent of the land could be utilised for commercial development.
It is believed that the transaction document states that it would be five per cent for Delhi and 10 per cent for Mumbai. or Mumbai specifically, this effectively translates into 145 acres. Pegged at a land cost of Rs 40 crore per acre, it works out to approximately Rs 7,000 crore.
For an airport which will be built for something like Rs 2,800 crore, the operator is to get prime real estate worth Rs 6,000 crore.
The moot point is that at all times the commercial development has to be for passenger use, and certain sections in the government are not willing to give this astounding piece of realty for a song.
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