Aug 13- Nearly three years after the state government commenced proceedings to take over the 3 lakh sqr mtr of Aguada land it leased to Indian Resort Hotels Ltd (IHCL) for 50 years way back in 1997, Goa govt has finally opted for out-of-court settlement to resolve the issue. Supplemental lease deed was signed between the Department of Tourism and Indian Hotels Company today in the presence of CM Pramod Sawant, Tourism and IT Minister Rohan Khaunte, Managing Director & CEO of Indian Hotels co Puneet Chatwal etc. “The project initiated in 1997, has been rearranged with realizing a revenue for the Govt of Goa,” informed CM. The company is slated to develop international standard regenerative tourism initiatives such as Wellness, Ayurveda, Yoga etc in the 3 lakh sqr mtr leased land. As per the agreement IHCL, operating Taj group of hotels will pay Rs 1 core per year or 5 % of its revenue on usable space, whichever is higher to Goa govt. Given that the 50 year lease period will end in 2047, extension of 49 more years has been granted. Of these 27 years which have already elapsed will be deducted.
