With the Airports Authority of India (AAI) terminating the land lease contract of Hotel Leela Venture in Mumbai, the state-run body is now planning to monetise the land and building belonging to the hospitality company to shore up its non-aeronautical revenues.
Speaking to BusinessLine, Guruprasad Mohapatra, Chairman, Airports Authority of India, said, “We have had a lease agreement with Leela Venture since 1982 and now they have no option but to pay up the outstanding dues since an eviction notice has been given and proceedings have started. The Leela hotel which sits on 29,000 sqm of land is a gold mine for us since we already have the mandate to increase our non aeronautical revenues. Once Leela has vacated the land our next step would be either keep it unused or auction it to the highest bidder.’’
Source: Business Line