Imagicaa won’t pay property tax for 7 yrs, Real Estate News, ET RealEstate

March 8, 2024

<p>Representative Image</p>
Representative Image

AHMEDABAD: The Sabarmati Riverfront Development Corporation Limited’s (SRFDCL) decision to award the “Destination Entertainment Hub” project to a single bidder, Imagicaa, was packed with several other incentives. The Ahmedabad Municipal Corporation (AMC) extended a seven-year exemption to Imagicaa from paying property tax. Besides, tickets rates — unlike the entertainment hub in Kankaria Lake — will not be discounted.

The civic body had rejected the same tender earlier as it had received only one bid . The same bidder, Imagicaa, who had applied earlier had applied again this time and awarded the contract. “On Feb 21, the civic body had reissued the tender after cancelling the first tender. It failed to attract any international player and just one company — Imagicaa — submitting its proposal. The same company has been awarded the contract in the reissued tender,” said a senior SRFDCL official.

The company will pay Rs 45.6 lakh per year for developing the hub at an investment of Rs 130 crore. It will be allowed to set up a joint venture with a foreign firm. The lease period is 30 years. The plot which has been leased to Imagicaa is valued at Rs 1,150 crore. Under the revenue sharing model the civic body will get 12.22% of the total revenue from this entertainment hub.

  • Published On Mar 8, 2024 at 12:00 PM IST

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