About Rs 12,000 crore are stuck in India’s first hotel district, Delhi’s Aerocity, because of red tape. Originally planned for the 2010 Commonwealth Games, hotels in the Aerocity, including those that have been built, await security clearances. That means that the hotels have to get the bullet proof glass used in the windows approved by the DRDO. The DRDO is no slouch when it comes to rent collecting proclivities. The Delhi Police which too has a say in clearing the hotels, true to its well deserved reputation, is also loathe to let this opportunity to pass without adding to the corpus of its myriad welfare funds. It has been over a year since the Cabinet Committee on Investment gave its security clearance to hotels in Aerocity. Thus, the investment of Rs.12000 crores is getting sour and one day teh PSU banks will have to pick up the bill.
Posted on: Wed, 06 Aug 2014 05:11:59 +0000
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