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Omaxe Ltds wholly-owned subsidiary and special purpose company (SPC), Worldstreet Sports Center Limited, is set to embark on a groundbreaking venture in Delhi. The company is poised to develop Indias inaugural integrated multi-sports facility, comprising an international cricket and football stadium, an indoor stadium, and a retail and hospitality hub spanning 50.40 acres in Dwarka. The ambitious project, valued at approximately Rs 1500 Crore, is slated to materialize under a public-private partnership model with the Delhi Development Authority (DDA).
Funding for the construction costs will be facilitated through internal accruals, with an anticipated revenue projection of around Rs 2500 Crore from the sale of retail units. Omaxe Ltd clinched the bid tendered by DDA to construct the integrated multi-sports arena in Dwarka, leveraging the Design, Build, Finance, Operate, and Transfer (DBFOT) framework on the designated land.
According to the agreement, Omaxes subsidiary will oversee the development of an outdoor stadium boasting a minimum seating capacity of 30,000, while the indoor stadium is slated to accommodate 2000 individuals. These facilities are envisioned to host a diverse array of sports and events, including kabaddi, badminton, table tennis, chess, kickboxing, and boxing. Under the terms of the agreement, the company will be responsible for constructing and maintaining the sports stadium and club for a period of 30 years, following which ownership will be transferred to DDA. The commercial amenities will be developed and maintained by the Company on a leasehold basis for a duration of 99 years.
Additionally, plans are underway to introduce an exclusive members-only club replete with modern amenities, a 108-keys hotel, and a banqueting space. The club is slated to feature a bowling alley, a karaoke bar, a spa, lounges, a boxing ring, a state-of-the-art gymnasium, and a plethora of indoor and outdoor sports facilities. The retail component will comprise a ground plus two levels structure, encompassing approximately 7 lakh sq. ft. of saleable area available for lease. |
