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The real estate firm had bagged the plot at an auction in 2009 for Rs 400 crore from the Delhi International Airport Ltd (DIAL), the consortium that manages the Delhi airport.
"It is now close to selling 49 per cent stake in the SPV, the maximum it is allowed to sell, to Reliance Group," said one of the people, asking not to be named. The valuation of the deal could not be determined.
The government is scouting for large venues for holding the G20 summit in Delhi if India gets the chance at G20 presidency in 2018 or 2019. "Considering this, the D B Realty-Reliance group combine has set itself a target of mid-2018 to complete the convention centre and hotel project and it has already started work on the project site," said the second person, also asking not to be named.
D B Realty declined to comment. An email questionnaire sent to Reliance group did not elicit any response till press time.
The 7.7-acre plot gives the project 1.2-1.3 million sq ft of space. The original plan included a hotel, a convention centre and serviced apartments along with 300,000 sq ft of high-end retail space.
D B Hospitality is in talks with two-three international hotel brands to manage the 1,100-room hotel.
The company has been trying to sell a stake in the Aerocity project for the last four years. During this time, it was also looking to sell, either fully or partially, its operational hotels. There is a growing demand for large convention centres in the capital from corporates looking to host meetings and conferences as well organisers of international conventions.
The government too set the ball rolling for a world-class state-of-the-art exhibition-cum-convention centre in Dwarka near the airport.
The Cabinet gave its nod for transfer of land measuring 89.72 hectare (221 acre) in Sector 25 of Dwarka to the Department of Industrial Policy and Promotion for creation of this facility.