The Maharashtra Airport Development Company Ltd (MADC) has invited bids to lease a 3.70-acre plot near Shirdi International Airport for the development of a five-star-category hotel. The land, spread across around 14,973 sq m, will be offered on a 49-year lease, with the minimum lease premium fixed at ₹3,000 per sq m, translating to around ₹4.49 crore for the entire plot, according to the tender document.
Shirdi is a major religious destination in Maharashtra, known for the Sai Baba temple, which attracts over 2 crore devotees from across India and abroad.
The tender is for leasing the plot located outside the airport area, in a mixed-use zone. MADC, a Maharashtra government undertaking and the nodal agency for airport and aviation infrastructure development in the state, has earmarked two plots totalling nearly four acres for the proposed hotel.
The tender specifies 3.70 acres, and a minimum lease premium of about ₹4.49 crore based on ₹3,000 per sq m for 14,973 sq m.
A 100-room five-star hotel to be built along with a convention centre
Under the tender conditions, the successful bidder must develop a minimum 100-room five-star hotel along with a convention centre or business centre with conference facilities. Other desirable facilities listed in the tender include a meditation, yoga or naturopathy centre, service apartments and a multi-facility gymnasium. The developer can also propose additional components, subject to MADC approval.
The basic permissible floor space index (FSI) for the plot is 1.5. The successful bidder must also obtain the necessary height clearance from the Directorate General of Civil Aviation, Airports Authority of India or another competent authority, as applicable, with the consumption of permitted FSI subject to the required clearance.
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According to the document, the lease tenure is fixed at 49 years and may be extended by another 49 years, subject to MADC’s prevailing policy and board approval. The lock-in period for the successful bidder will be 15 years. In addition to the one-time lease premium, the lessee must pay annual lease rent calculated at 5% of the total lease premium for the first year, with a compounded annual escalation of 5% from the start of every financial year.
The developer must complete at least 25% of the permissible FSI and operationalise the hotel within four years of obtaining an occupancy certificate. The tender also requires the successful bidder to furnish a performance security of ₹1 crore.
According to the tender document, bidders must have experience in developing and operating a star-category hotel with at least 150 keys. They must also have a minimum turnover of ₹200 crore during the last three financial years. The earnest money deposit has been fixed at ₹50 lakh.
Footfalls in Shirdi
The tender document notes that Shirdi has an approximate floating population of 1 lakh per day, rising to 1.3-1.5 lakh during weekends and festivals. It states that the airport, which began operations on October 1, 2017, currently has air connectivity with Delhi, Hyderabad, Chennai, Bengaluru, Indore and Ahmedabad. Night landing operations commenced at the airport in March 2024.
