Finding no takers, Jaipur devpt body to shelve golf course project near Achrol
JAIPUR: The Jaipur Development Authority (JDA) has decided to shelve its ambitious golf course project proposed to be developed near Achrol village on Delhi-Jaipur highway, after no investors showed interest.
As the real estate market is facing a slump and no private player is showing interest to develop the project on public-private partnership (PPP) mode, decision has been taken not to invite tenders till the situation improves.
A senior official at JDA informs, “The tenders for this project have been invited twice. But, as the project is capital intensive and developers are apprehensive to invest, we have decided not to invite tenders again and again as it causes monetary loss.”
Despite JDA recently revising the plan seeing the market condition, no investor showed interest. The JDA has earmarked 592-bigha land for the entire project. The project includes a 18-holes golf course of international standards, residential scheme, exhibition centre, a convention centre and a hotel. An official informed, “After decreasing the size of the golf course, the JDA had decided to provide more land to the developer that would help earn him more revenue. However, this attempt too failed.”
Earlier, the JDA had decided to lease out the new golf course for 60 years. PDCOR, the consultant company appointed to prepare the detailed project report (DPR) of the golf project on public-private partnership, has mentioned this point.
An official said that the state government was expecting to earn Rs 10 crore every month from the project. “When JDA invited tenders for the second time, the one-time instalment (down-payment) which was nearly Rs 250 crore was reduced by Rs 100 crore. Also, monthly rental was reduced to Rs 7.5 crore from Rs 12.5 crore. But, even after this developers did not participate,” said an official.
In order to provide relief to the developer, the JDA also decided to forgo three-star hotel in the project. “As per the previous clause, the developer had to construct a four-star hotel and a three-star hotel. After that it was decided that the three-star hotel land could be utilized for residential purpose,” added official.