Omaxe arm to develop Rs 1,500 crore multi-sports stadium, retail, and hospitality hub in Delhi

Omaxe's subsidiary will develop an outdoor stadium with a minimum 30,000 seating capacity.

Worldstreet Sports Centre Ltd, a wholly-owned subsidiary and special purpose company (SPC) of Omaxe Ltd, will develop an integrated multi-sport facility for about Rs 1,500 crore, said the company in an exchange filing on April 8.

The facility will include an indoor stadium, an international cricket stadium, a retail and hospitality hub, and an area dedicated to cricket and football on 54 acres in Delhi's Dwarka area.

The facilities are being built under a public-private partnership model with the Delhi Development Authority (DDA). 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 the 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.

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Plans also include the construction of a 108-key hotel, a banqueting area, an exclusive members-only club with contemporary facilities, and multi-level parking.

According to the real estate firm, among other amenities, the club is anticipated to have a boxing ring, a state-of-the-art gymnasium, a karaoke bar, a spa, lounges, and both indoor and outdoor sports.

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 2,000 people. This is expected to host kabaddi, badminton, table tennis, chess, kickboxing, boxing, and other sporting events.

The company will build and maintain the sports stadium and club for 30 years, post which it would be handed over to the DDA. The commercial facilities will be developed and maintained by the company on a leasehold basis for a period of 99 years, the report added.