MP News: Consortium Including Dilip Buildcon To Run MPT Lake View Residency For 60-Year

Bhopal (Madhya Pradesh): A consortium of Genex Hotels, Dilip Buildcon and IHCL will run the MPT Lake View Residency hotel in the city for the next 60-year.

The consortium has been awarded the contract for redeveloping the Lake View Residency, located on Shyamla Hills into a 5-star hotel equipped with a convention centre . The consortium will pay an award fee of Rs 3 crore per annum to the MPT and the amount will be escalated annually at a compounded rate of 5 %.

The Madhya Pradesh State Tourism Development Corporation (MPSTDC) had issued a request for proposal (RFP) on March 25, 2025 inviting bids for the for the development, operation, maintenance, and management of Lake View Residency Hotel, Bhopal, as a minimum 5-star hotel under a Design-Build-Finance-Operate-Transfer (DBFOT) model with a concession period of 60?years, extendable by an additional 10years.

According to a senior officer from MPSTDC, the consortium has received bids from four bidders including Som Distilleries Private Limited and TK International, Deligent Hotel Corporation Private Limited, DB Power Limited and Schloss HMA Private Limited, Genex Hotels Private Limited, Dilip Buildcon Limited and Indian Hotels Company Limited and Serveall Land Developers Private Limited and JSK Hotels Private Ltd.

The Consortium of Genex Hotels Private Limited, Dilip Buildcon Limited, and Indian Hotels Company Limited offered revenue share 10.80?% on the basis the contract was awarded to them.

The concessionaires will demolish the existing structure and subsequently design, build, finance, operate, and transfer a 5-star hotel (minimum 150 rooms), a banquet and convention facility capable of accommodating 1,000 persons, and ancillary facilities permissible under the Madhya Pradesh Tourism Policy 2025, in compliance with applicable development norms and regulations. The concession period shall be 60years, with an option to extend by an additional 10 years.