PANAJI
Mumbai-based Valor Estate Limited -- formerly D B Realty Limited, has bagged the bid of the State’s ambitious Rs 5,790 crore International Convention Centre-cum-Convention Hotel project at Dona Paula.
Sources informed that Valor Estate Limited has received a Letter of Award from the department of public private partnership (PPP) for the development of an International Convention Centre, Convention Hotel, and associated facilities under the Design, Build, Finance, Operate and Transfer (DBFOT) framework.
“The company is required to pay a one-time upfront fee of Rs 108 crore and will execute the project through a special purpose vehicle, subject to definitive agreements and conditions,” sources said.
The firm is a prominent Indian real estate development company. It focuses on residential, commercial, and retail projects, primarily in the Mumbai Metropolitan Region (MMR).
The project will be developed on a 2.84 lakh sq mtrs of leasehold land parcel belonging to the government, through a long-term concession of 60 years and will include convention, hospitality, retail, and commercial infrastructure.
Almost five companies had shown interest to the project, which was scrapped two years back.
The project, designed to accommodate 5,000 delegates. The proposal includes a full-fledged MICE (Meetings, Incentives, Conferences and Exhibitions) complex, a 300-room convention hotel, and a four-screen multiplex with a minimum combined seating of 800. Additionally, the master plan features a Concert and Events Ground capable of hosting up to 30,000 people, making it one of the largest event venues in the region.
The Convention Centre, first envisaged more than 15 years ago after Goa was declared the permanent venue for the International Film Festival of India (IFFI). Initially planned on 1 lakh sq mtrs with an estimated cost of Rs 540 crore, the project could not take off despite two tender attempts.
The convention facilities will be supported by a range of downstream amenities permitted under prevailing planning regulations. The project is expected to become a landmark for Goa, significantly boosting tourism, generating employment, and enhancing the State’s economic profile.
The current proposal draws from a study prepared by transaction advisors Knight Frank in November 2020.
When the State first invited bids in December 2020, two companies responded and a Letter of Award (LoA) was issued to the winning bidder. However, the award had to be cancelled in January 2021 due to the bidder’s failure to furnish the required performance security.
