April 12, 2024: Real estate developer Omaxe on April 8, 2024, announced that its wholly-owned subsidiary and special purpose company (SPC), Worldstreet Sports Centre, will construct an integrated multi-sport facility valued at approximately Rs 1,500 crore. Situated on a 54-acre plot in Delhi’s Dwarka Sector 19 B, the facility will encompass an indoor stadium, an international cricket stadium, a retail and hospitality hub, and dedicated areas for cricket and football.
These amenities are being developed under a public-private partnership model with the Delhi Development Authority (DDA). Construction costs will be covered through internal accruals, with an anticipated revenue of around Rs 2,500 crore from the sale of retail units. Omaxe secured the bid from DDA to construct the integrated multi-sports arena in Dwarka under the Design, Build, Finance and Operate and Transfer (DBFOT) format.
Additionally, plans entail constructing a 108-key hotel, a banqueting area, an exclusive members-only club with modern facilities, and multi-level parking. The club is projected to include a boxing ring, a state-of-the-art gymnasium, a karaoke bar, a spa, lounges, and both indoor and outdoor sports facilities.
Under the agreement, Omaxe’s subsidiary will develop an outdoor stadium with a minimum seating capacity of 30,000. The indoor stadium is expected to accommodate 2,000 people and host various events such as kabaddi, badminton, table tennis, chess, kickboxing, and boxing. Omaxe will construct and maintain the sports stadium and club for 30 years, after which ownership will transfer to the DDA. The commercial facilities will be developed and maintained by the company on a leasehold basis for a period of 99 years.
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