NDMC auctions Hotel Asian International

The New Delhi Municipal Council has auctioned one of its properties on Janpath Lane — Hotel Asian International — for 15 times more than the current lease amount for the space.

15 bidders registered

According to senior NDMC officials, the auction for Hotel Asian International on Wednesday fetched ₹45.48 lakh per month, more than 15 times the current amount of ₹3 lakh a month. As per sources, 15 bidders registered for the e-auction where the reserve price was set at ₹9.68 lakh per month.

The property, which covers 612.4 square metres, had been at the subject of litigation, with the NDMC even sealing the three-star hotel in 2015 over unpaid licence fee.

[Source:-The hindu]